NEW DELHI: Petroleum Minister Hardeep Singh Puri has said that the government will continue to push major oil and gas producing nations to increase energy exports as high energy prices continue to impact oil consumers like India.
Puri said that there is no real shortage of oil or gas on the world market, and that the price increase is entirely due to supply management. High energy prices are causing problems in the global energy industry and economy, he said.
India is the world's third-largest crude oil user, relying on imports to cover 85 percent of its needs. The country is also a large consumer of natural gas, with imports accounting for nearly half of its needs. High oil and gas prices are hastening inflation in numerous regions of the world and risking global economic recovery, particularly since Russia's invasion of Ukraine in February, he said.
The minister stated that big energy producers and exporters should be aware of the current situation. He has time and again detailed these elevated price levels as "unsustainable". The minister said India, like many other oil and gas importers, is navigating through a very tough situation and has so far managed it well.
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