India will do all that is required to ensure energy security, affordability: Hardeep Singh Puri
Hardeep Singh Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in next 20 years will be from India.
Reacting to the decision of Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day, Union Minister Hardeep Singh Puri on Friday said India will do all that is required to ensure its energy security and affordability.
He said if required, India will go for diversification of energy sources.
"This is their (OPEC's) sovereign right what they want to do but equally it is my job to point out that all actions have consequences, intended or unintended. India will be able to navigate through the situation with confidence," the petroleum and natural gas minister said at GEO India 2022 conference here.
"We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said.
Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in next 20 years will be from India.
Therefore, he said, the prime minister took the decision to open up exploration and production sector.
"We have diversified the sources from where we source energy and will diversify it further," he said.
The minister said going by the import statistics of the last six months, Saudi Arabia was number one supplier and then Iraq became the second largest supplier but India has the autonomy to take its decision. "We will take our decisions and we will not hesitate to diversify."
On October 5, the OPEC+ alliance of oil-exporting countries decided to sharply cut production to support sagging oil prices, a move that could deal the global economy a heavy blow.
It was decided to cut oil production by 2 million barrels per day starting in November.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
03:56 PM IST