Global oil supply is secure, with countries like Brazil, the US and Canada boosting production: Hardeep Puri
Nov 14, 2024
New Delhi [India], November 14 : Union Minister for Petroleum and Natural Gas Hardeep Singh Puri emphasised that the global oil supply is secure, with countries like Brazil, the US and Canada boosting production.
During an interaction with media in New Delhi on Thursday, he explained, "All concerned with is that the major consuming countries are not likely to face any shortfall of supplies on account of the fact, that more and more oil is coming onto the market. The Brazilians who have a production of about 3.3 million barrels a day, are bringing about 300,000, 400,000 more barrels per day on the market."
He added, "And if our assessment is correct, the Americans also will bring another million barrels additional oil on the market, and the Canadians also and others so I think and Guyana's are the case of that so I think there's going to be more oil available."
He shared his optimism about oil availability, citing new contributions from major oil-producing nations, while also discussing India's advancements in biofuel and clean energy.
Puri noted that stable oil availability and predictable prices are essential for balanced economic growth, cautioning that geopolitical risks, like conflicts or disruptions, can affect shipping routes and raise freight and insurance costs.
He said, "What we need is stability and predictability so that in the period ahead, people can, countries can base their decisions on lines which are predictable. Because of fluctuation, people going up and down, which creates uncertainty in the market, and that is what is not good for healthy economic distribution. So I think we are on a good wicket now."
Discussing India's leadership in sustainable energy, Puri underscored the impact of biofuel initiatives.
He said, "The Global Biofuel Alliance, now it has something like 28 countries already participating in the Global Biofuel Alliance. About 12 international organizations, the main ones, they're all participating. And going forward, I see the Global Biofuel Alliance becoming a very important instrument and platform for green energy transition. And you will have more countries coming on."
"I think the country plans have been done for three countries. So it's beginning to take shape in a very short period. If you remember, it was only a year ago that the Global Biofuels Alliance was formed, and it already has 28 members," Puri added.
