Worried About Oil Prices? Minister Says Energy Supply Is Secure Despite Wars

Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday reassured that global energy supplies remain adequate despite ongoing geopolitical conflicts that traditionally impact crude oil prices.

Speaking on the sidelines of a national seminar in New Delhi, Puri addressed concerns about energy security in the context of heightened global uncertainties.

“There are many things that have an impact on crude prices. People say that if there is military conflict somewhere, it will have an impact, but there are many military conflicts, yet prices are still between $65 and $70 per barrel,” the minister said.
“My view is that there is enough energy available in the world,” he added, emphasizing stability in oil markets despite tensions in regions like the Middle East. The minister highlighted India’s growing role on the global energy stage, pointing to the country’s recent participation in the OPEC seminar for the first time.

“It's basically a meeting of the OPEC countries. Considering that we are now one of the largest consumers of crude oil in the world, it makes sense for us to be there,” Puri explained. Puri also spoke about his recent diplomatic tour of Austria, Iceland, and Norway, focused on deepening energy partnerships and exploring new opportunities, including geothermal energy collaboration. “Iceland is very strong on geothermal, and we have ongoing collaborations with them. Talking to the private sector there helps identify future projects,” he said.

The minister expressed a personal commitment to diversifying India’s energy portfolio, including plans to integrate geothermal energy through the India Energy Week platform. “India Energy Week has grown remarkably in just three years and is now the second-largest energy platform globally after ADIPEC in Abu Dhabi,” Puri noted.

While ADIPEC focuses on oil and gas, India Energy Week covers all energy forms, including biofuels and green hydrogen, with plans to expand into geothermal. Domestically, Puri reported strong progress in exploration, with ONGC drilling over 500 wells—the highest number in 37 years. He highlighted the costs and risks of such efforts, noting that in places like Guyana, it took drilling 47 wells at $100 million each to make a successful discovery.

“We are digging more wells. Under our law, any company that discovers oil must report it to the Directorate General of Hydrocarbons,” he said, underscoring India’s strict regulatory framework for exploration and production.
As India seeks to secure its energy future, Puri’s comments underscore a strategy of diversification, international collaboration, and steady investment in both conventional and renewable energy sources.

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