Global Oil Dynamics: India's Strategic Moves and Inflation Impact

Union Petroleum and Natural Gas Minister Hardeep S Puri expressed optimism about a decline in global energy prices, citing increased oil output from the USA and other nations. This development, according to Puri, will assist in curbing inflation, benefiting economies worldwide.

Addressing a press conference, Puri emphasized India's reinforced energy relations with the US, under the Trump administration. With India importing oil from over 40 countries, the minister noted that even oil-producing nations enforcing cutbacks might reconsider, given the ample global supply.

Puri dismissed the idea of de-dollarizing oil transactions, reinforcing that the majority are conducted in dollars. He underlined India's aim to secure oil at lower prices, spotlighting recent tax cuts that have led to declining petrol prices domestically, unlike in many other countries.