Navigating Oil Market Volatility: Hope Amid Geopolitical Tensions

Petroleum Minister Hardeep Singh Puri assured that despite geopolitical tensions, there is no shortage of oil, with increased supplies from countries like Brazil and Guyana potentially stabilizing prices. Geopolitical issues have led to fluctuating oil prices, influencing India's import bills and inflation. The ongoing price freeze on fuel amidst this volatility remains a concern.

Amid escalating geopolitical tensions, Petroleum Minister Hardeep Singh Puri has reassured stakeholders about the stability of global oil supplies, stating that there is no shortage of crude oil worldwide. He expressed optimism that new oil from countries like Brazil and Guyana could help stabilize prices.

The minister pointed out that geopolitical issues have increased freight and insurance costs, consequently driving up oil prices. Yet, he remains hopeful for diplomacy to prevail, emphasizing the lack of anxiety over oil availability.

India's dependence on oil imports, covering more than 85% of its requirements, underscores the significance of stable oil prices. Although fuel prices in India remain frozen, recent global events, including a missile attack involving Iran, could further impact market dynamics.

(With inputs from agencies.)