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India showed the mirror to the crude oil producing countries! Said- increasing the rate will be expensive

Highlights

If the price of crude oil is increased further, there will be a deep economic slowdown.
He said- We will shift to other sources of energy.
Billions of dollars are being invested in other sources of energy.

New Delhi. India’s Oil Minister Hardeep Puri has tried to show the mirror to the crude oil producing countries. He has said that higher crude oil prices will mean an increase in the use of clean energy and a deepening of the global recession.

Hardeep Singh Puri, speaking to Bloomberg TV at the Edipec Energy Conference in Abu Dhabi, said, “If you raise the price from here, the only reaction is that the economic slowdown will be deeper and longer… it is in their (oil producing countries) interest. in order not to allow the prices to rise further than the current level.”

India is one of the world’s largest importers of crude oil and a major buyer from countries such as the United Arab Emirates, Saudi Arabia and Iraq. Unlike the US, it has not publicly criticized the OPEC+ cartel’s decision this month to cut production from November.

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will get both the results
Brent crude is up 22 percent this year at about $ 95 a barrel. Russia’s invasion of Ukraine and subsequent Western sanctions on Moscow have thrown the market into disarray.

Hardeep Puri, who was earlier on a panel of his Saudi and Emirates counterparts, said, “It is a game in which you do not need to worry unnecessarily.” He further said, “These are sovereign decisions. Whoever produces has the right to decide what to produce or what to sell. But we also tell them, and I have lost no opportunity to point out that every action has consequences. The results can be predictable and also unexpected.

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An unintended consequence is that “billions of dollars” are being invested in electric vehicles and lithium. Lithium is an important element of the EV battery. Puri said that very good things are happening in that area. We will benefit from that. We will not let there be a shortage of energy. If there is a problem with one source, we will go to another source.

India-China will ignore US proposal!
Puri said India will look at any G-7 price-cap on Russian oil without giving further details. Most analysts expect India and China (which have increased purchases of Russian crude oil since the Ukrainian invasion) to ignore the US proposal to limit payments to Moscow. Both New Delhi and Beijing already import a large part of the oil from Russia at huge discounts.

Tags: business news, Central Government, Crude oil, Crude oil prices

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