India Monitoring Global Energy Situation, Hopeful of Navigating It, Says Puri – News18

India, the world’s third-greatest power client, is carefully monitoring the evolving power scenario amid geopolitical crises and is hopeful of navigating, Oil Minister Hardeep Singh Puri mentioned on Wednesday. India, which is greater than 85 per cent depending on imports to satisfy its oil wants, is diversifying its provide sources and is investing in alternate power sources comparable to biogas and biofuels in addition to in power transition.

“There is some concern today because of the geopolitical uncertainty, you know, supply chains could get affected,” he mentioned. “All those who are involved in this will realize what is at stake… hopefully ensure that the situation is not exacerbated. The comment was in reference to the widening Israel-Hamas conflict in the Middle East and the ongoing Russia-Ukraine war.

“We are monitoring the provision very fastidiously. We are diversifying our power sources. It’s all the time excellent news when extra power comes onto the market. And if you happen to ask me, What is my general evaluation, I’ll say fingers crossed, however I believe we will navigate within the journey forward as we have now been capable of navigate the previous,” he said. Speaking at the ‘The Energy Transition Dialogue 2023’, Puri said the country has been able to navigate through difficult times, ensuring the availability and affordability of energy for its citizens as well as making the transition away from fossil fuels.

The world, he said, is facing a supply management problem as two of the most influential members of the oil producers cartel OPEC-plus decided to take 5 million barrels per day of oil production out of the market. “There is not any scarcity of power on the planet. No scarcity of oil (however) if you happen to play the worth too excessive, you should have a repeat of what occurred in 2008,” he said. “You do not need to make it so excessive that the demand collapses and also you additionally do not need to maintain the costs so low that you do not get the return on the oil.

Consuming nations need affordable costs. And if the costs are excessive, it’ll influence international economies. “There are conflicts in certain parts of the world which are very directly and intimately related to the energy supply routes. So you have to be very cautious,” he mentioned. “My own view is that it is in everyone’s interest that you allow healthy recovery of the global economy.” The crude oil value of USD 86 per barrel prevailing presently is “too high,” he mentioned including if producers restrict the quantity of oil that’s obtainable available in the market, the worth will go up.

“If you take decisions that are not thought through, then you are facing what is called the law of unintended consequences. You set out to do something and you ended up doing something else,” he mentioned referring to the European Union’s choice to boycott Russian oil post-Moscow’s invasion of Ukraine. India consumed about 5 million barrels of crude oil per day and can account for 1 / 4 of the worldwide demand development until 2045.

(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)