Navigating the Global Energy Landscape: Stability Amidst Change

Oil Minister Hardeep Singh Puri highlights the stability of global energy markets despite geopolitical challenges. He advocates for cooperation between producers and consumers for a predictable market. India has diversified its energy sources, mitigating impacts from Western sanctions on Russia. The global outlook remains broadly positive.

Oil Minister Hardeep Singh Puri has reiterated confidence in the stability of global energy markets despite ongoing geopolitical upheavals. Speaking on Friday, Puri emphasized the importance of both producers and consumers working collaboratively to maintain a viable and predictable market, which remains crucial in the face of current challenges.

Highlighting the strategic diversification of India's energy sourcing, Puri noted that India now imports crude from 41 countries, a significant increase from the previous 27. This shift aims to mitigate the impact of Western sanctions, particularly against Russian supplies, and ensures a steady flow of energy to meet domestic demand.

Expressing optimism about the global energy outlook, Puri stressed the necessity of cooperation between energy producers and consumers. He warned against price volatility, which could harm both demand and investment. Overall, he maintains that the energy sector is vital to economic stability and requires a unified approach moving forward.

(With inputs from agencies.)