Union Petroleum and Natural Gas Minister Hardeep Singh Puri has said that unless and until the prices of crude oil are maintained at sustainable levels, it will severely impact the green shoots of global economic recovery.
In his closing remarks at India Energy Forum CERAWEEK, the Minister, referring to the latest Commodity Markets Outlook by World Bank, said that the cost of energy should not be permitted to outstrip the paying capacity of consuming nations. And this imperative needs to be configured by the consuming countries, in planning their production profiles for future, he added
The World Bank had mentioned that "the surge in energy prices poses significant near-term risks to global inflation and, if sustained, could also weigh on growth in energy-importing countries". Puri said that this is something that the Indian government has been consistently saying.
Puri said that the Ministry of Petroleum and Natural Gas is focused on increasing exploration in India to reduce import dependency. Noting that the Indian oil and gas industry has made significant strides in recent years, he said: "We have introduced a number of reforms to meet national energy needs based on the Energy Vision as laid out by Prime Minister Narendra Modi, covering energy access, energy efficiency, energy sustainability, energy security, and energy justice.