Global Oil Supply Steady as Biofuel Alliance Expands

Union Minister Hardeep Singh Puri assured the stability of global oil supplies, highlighting increased production by countries like Brazil, the US, and Canada. He emphasized the importance of stable oil availability and predictable prices for economic growth. Puri also spotlighted India's progress in sustainable energy through the Global Biofuel Alliance.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has assured that the global oil supply remains secure, thanks to increased production from key players, including Brazil, the United States, and Canada. Speaking in New Delhi, Puri highlighted that Brazil alone is bringing an additional 300,000 to 400,000 barrels per day to the market.

Puri expressed confidence that American and Canadian contributions will soon boost global oil availability, mitigating potential shortages. He also mentioned new inputs from Guyana and discussed India's strides in biofuel and clean energy.

Stressing the need for stable oil availability and consistent pricing, Puri warned that geopolitical tensions could disrupt shipping and escalate costs. He advocated for stability and predictability to foster sound economic decisions and lauded India's leadership with the Global Biofuel Alliance, now boasting 28 member countries.

(With inputs from agencies.)