Petroleum and Natural Gas Minister Hardeep Singh Puri recently said that there is no shortage of crude oil across the world. He said that there is an excess supply of crude oil in the market, which is expected to reduce prices.

Effects of stress

However, the minister also admitted that some problems are arising due to tensions at the global level. Freight and insurance charges have increased due to difficulties in supplying oil from conflict areas. This increases prices. Puri said, "There is no shortage of oil, but the current tension has affected the prices."

Need for a diplomatic solution

The minister stressed the need for better diplomacy and dialogue. He said that if there is increased understanding between different countries, it will improve the situation. “I believe oil prices will remain stable and come down,” he added.

India's oil needs

India, which imports 85 percent of its crude oil needs, is particularly affected by rising global prices. If oil prices rise, it directly impacts the import bill and inflation. That is why stable crude oil prices are extremely important for India.

Recent developments

Recently, the prices of crude oil in the international market have risen from around $70 per barrel to $78 per barrel due to rising tensions in West Asia. However, now the prices have again come down to the level of $73-74 per barrel. The minister also mentioned that recent events between Iran and Israel could further complicate the situation.

Importance of the Strait of Hormuz

Minister Puri also emphasized the importance of the Strait of Hormuz. This strait is one of the important oil transportation routes in the world, through which about 20 percent of global oil passes. Security of this strait will help ensure an uninterrupted supply of crude oil to India and other countries.

Overall, Minister Puri's statement is positive and raises hopes for stability in crude oil. However, it is necessary to keep an eye on global tensions and increase diplomatic efforts. India has to remain proactive to ensure its energy security.