Oil prices to remain stable amid various crude supply options: Union Minister Hardeep Puri

Oil prices in India are expected to remain stable amid the rising geopolitical tensions as the country has several options to buy crude oil indicated Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri in a social media post.

Addressing concerns over potential supply chain disruptions, Puri emphasized that India has strategically positioned itself to manage such situations effectively, with access to a diverse range of crude oil suppliers.

"More supplies from countries such as Brazil and Guyana are coming into the market. Currently, the global supply of oil outpaces the consumption ensuring a stable market" Puri said in a social media post on Tuesday.
He also added that "Despite geopolitical tensions in some parts of the world, there is no shortage of crude oil in the world. Consuming countries have several options to choose from".

According to Puri, global oil supply continues to outpace demand, which should contribute to maintaining a stable market and prices in the foreseeable future.

Reflecting on India's resilience in maintaining energy security during challenging times, Puri lauded the leadership of Prime Minister Narendra Modi, under whom India has successfully managed the trilemma of energy availability, affordability, and sustainability.
"Even during a perilous time for the world a few years back, India successfully navigated the trilemma of energy availability, affordability, and sustainability under the leadership of PM Narendra Modi," Puri said.

He reiterated that Indian oil companies will continue to prioritize economic benefits by sourcing crude from suppliers that offer the most competitive prices. In addition to addressing energy security, Puri emphasized India's progressive adoption of Artificial Intelligence (AI) across the energy sector.
"Today, we are at the beginning of a new era. Artificial Intelligence is not only a game changer but is already showing the path to where the changes are coming," he noted.

According to Puri, the Prime Minister recognized the significance of AI and the fourth industrial revolution earlier than many global leaders, positioning India as a front-runner in integrating AI within energy management.

He further highlighted that AI is being leveraged in "a constructive and big way" within the energy industry, and he expressed optimism that this trend will continue to expand, shaping the sector's future.

As the global energy landscape evolves, Puri's comments highlight India's commitment to ensuring energy security and affordability while embracing cutting-edge technology to navigate emerging challenges and opportunities in the energy sector.