Global oil market to calm on more oil production in West, says Puri

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Global oil market to calm on more oil production in West, says Puri - Business Standard

Quick Summary:

India, the world's third largest oil consuming and importing nation, is hoping that more oil production coming from the western countries like the US and Canada will calm the markets and bring stability in prices, Petroleum Minister Hardeep Singh Puri said Thursday.

Speaking at CII's 12th PSE Summit here, Puri said countries in the western hemisphere are adding more production which may influence oil producers cartel OPEC to also raise output to earn more while the era of fossil fuel lasts.

Volatile oil prices upset economies reliant on imports for meeting their needs as they not just have to spend extra on buying the fuel but also import inflation that impacts purchasing powers of their people.