India Eyes Western Oil Surge for Market Stability

India, as a major oil consumer, anticipates increased production from Western countries like the US and Canada to stabilize global oil prices. Petroleum Minister Hardeep Singh Puri highlights the potential impact on OPEC and the importance of price stability for economic decisions.

India, the world's third-largest oil-consuming nation, is banking on increased oil production from Western countries to stabilize market prices. Petroleum Minister Hardeep Singh Puri announced this strategic anticipation at the CII's 12th PSE Summit.

Puri's comments come as Brazil, Guyana, the US, and Canada ramp up oil production, potentially influencing OPEC to reconsider its output strategy. The minister stressed the significance of stable oil prices for import-dependent economies and their purchasing power.

Highlighting the current scenario, Puri noted that OPEC+ has cut production by 5.86 million barrels per day but could revise this in the wake of increased global supply. He emphasized that accessibility, affordability, and sustainability remain central to energy strategy as the world transitions to cleaner sources.

(With inputs from agencies.)