INSUBCONTINENT EXCLUSIVE:
Petroleum Minister Hardeep Puri has stated that volatility in oil rates might hurt energy transitionPetroleum minister Hardeep Singh Puri
said on Monday he was concerned about high oil rates, and cost volatility could harm the world's energy transition.Mr Puri told Reuters on
the sidelines of an oil and gas conference in Abu Dhabi that when petrol rates are - and diesel costs - are going actually through the
roofing, obviously, we are worried
India has been at the forefront of efforts to urge the Organisation of Petroleum Exporting Countries (OPEC) to ensure accountable rates of
oil that suits both producer and customers
Does it need to be affordable? Yes
If energy is not cost effective, you're going to have a problem, he said.He said it depended on OPEC and allies led by Russia, known as
OPEC+, whether to accelerate the pace of increasing output, however you can not have a circumstance in which the transition is not
organized, stable, and foreseeable
Mr Puri said despite underinvestment in the sector, excess capacity of some 5 million barrels daily was offered that might be pumped into
the market and stabilise rates, but is being kept back by producing nations
Those choices, they are considering whatever factor, possibly they believe it's a good time to offset the low rates that were there during
the financial lockdown, he said
I have a really different take on it
Sometimes when you take choices for short-term gain, you may unleash other forces
He said he expected oil need to fall if prices surpass a point
Already, one big country, which is a 20 trillion-dollar economy, has the highest inflation figures in the last thirty years
There is truth staring you in the face
Mr Puri said manufacturers likewise require the energy transition to be orderly and would be hurt if costs ended up being expensive.
