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Confident of navigating West Asia situation: Petroleum and natural gas minister Hardeep Singh Puri

Oct 07,2024

New Delhi: India is "very carefully" watching the situation unfolding in West Asia and is "confident" of navigating the situation, petroleum and natural gas minister Hardeep Singh Puri said on Monday.

Crude oil prices have neared $80 per barrel, gaining about $10 in just a week as a massive missile attack on Israel by Iran has sparked fears of all-out war between the two countries. Concerns have increased that a wider conflict could cripple oil supplies from the region, affecting big importers like India.
 

"We are watching the situation very, very carefully. Energy availability can get affected if there is an exacerbation - that goes without saying," Puri said, adding that India will be able to navigate the situation. "I'm also counting on the goodwill of all the state actors and non-state actors to carefully weigh the consequences of any actions that might be contemplated, etc., going forward."
 

Increasing global benchmark prices have also encouraged Saudi Arabia, one of the top producers in the world, to marginally increase the rates of its supplies for Asian customers.
 

Puri said there was no dearth of supplies in the world. "There is enough oil available, and we have enough choices to exercise," he said. "If some parties hold back on availability there are new suppliers on the market also."