West Asia crisis not over, potential to escalate further: Oil Minister Hardeep Puri
Oil Minister Hardeep Puri also mentioned that there is interest from outside for investing in India’s refineries though the country does not need it.
The West Asia crisis remains unresolved and may worsen, according to Union Oil Minister Hardeep Singh Puri. Speaking at India's Public Affairs Forum, Puri emphasized that the situation is ongoing and could escalate further. He noted that global crude oil availability currently exceeds demand, with 102 million barrels per day (mb/d) in the market, while India's domestic need is estimated at 94-95 mb/d.
Puri also dismissed the idea of restricting exports due to strained market conditions. He expressed optimism that global peace efforts would bring stability and stabilize oil prices. When asked about foreign investment in India's refinery sector, Puri acknowledged interest but clarified that it's not a necessity, as the country's growing downstream market could attract investors.
He also highlighted the significant investment required to build a refinery, ranging between ₹78,000-80,000 crores.
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