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

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.

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Category: BusinessFinance

Markets: IndiaBrazilCanadaGuyana

Topics: Oil production Hardeep Singh Puri Oil prices Global oil market

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-14 @ 16:23:29 (1 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 681 words

Reading Time: 4 minutes read

Sentences: 21 lines

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Copyright Owner: © Business Standard

News ID: 23584004

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