Union Petroleum and Natural Gas Minister Hardeep Singh Puri said in a post on social media that the prices of oil within India will likely remain steady despite political tensions because India has many options for buying crude oil.
He added that India has strategically planned its position to manage any disruptions to supply chains due to the variety of crude oil producers.
Puri stated, “More supply is coming into the market from countries like Brazil and Guyana. Currently, global oil supply is more than consumption, ensuring stability in the market.”
He also mentioned that despite geopolitical tensions, there is no shortage of crude oil and consumer countries have multiple options.
The minister said that global oil supplies are outpacing demand, which should help to ensure price and market stability shortly.
He expressed gratitude for the leadership of Prime Minister Narendra Modi under the direction of Modi. India has been able to successfully manage energy supply, affordability, and stability.
Puri declared, “A few years ago, when the situation was difficult for the world, India successfully overcame energy availability, affordability, and sustainability under the leadership of PM Modi.”
He also made it clear that Indian oil companies will focus on competitive prices in buying crude oil. In addition to addressing the issue of security in the energy sector, Puri also emphasized the gradual introduction of Artificial Intelligence (AI) in the energy industry.
He added, “We are at the beginning of a new era. Artificial Intelligence is not only a game changer, but it is already showing transformation.”
Puri claimed his Prime Minister was aware of the significance of AI as well as the Fourth Industrial Revolution before many world leaders, making India an early adopter of integrating AI to manage energy.
He expressed confidence that the trend of leveraging AI in the energy industry will continue, which will shape the future of the sector.
Quick Fact
| Business | crude oil |
|---|---|
| Oil price stability | Likely stable in India |
| Geopolitical tensions | No expected impact on oil prices |
| Supply sources | Multiple options, including Brazil and Guyana |
| Oil supply vs. demand | Global supply exceeds demand |
| Price outlook | Market stability expected soon |
| Leadership influence | Prime Minister Narendra Modi’s leadership |
| Focus areas | Energy supply, affordability, stability |
| Historical resilience | Successfully managed past energy crises |
| Crude purchasing strategy | Competitive prices prioritized |
| Technology adoption | Gradual introduction of AI |
| AI impact | Seen as transformative and a game-changer |
| Future of AI in energy | Expected to shape the sector |
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