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Global oil market volatility and India energy security
Overview
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri has highlighted that global energy market volatility is driven by supply route disruptions rather than an actual shortage of oil. While global consumption is estimated at 94 million barrels per day against a supply of 104 million barrels per day, geopolitical tensions in the Russia-Ukraine conflict and disruptions near the Red Sea and the Strait of Hormuz are driving up energy and freight costs.
To address these risks, India is focusing on increasing domestic production through initiatives such as Samudra Manthan and expanding its gas mix via domestic biomass. The government is also utilizing the GOBARdhan Yojana to support Compressed Biogas plants.
India has been identified as the world’s largest and fastest-growing source of oil demand growth. While record production in North and South America is shifting supply dynamics, the volatility caused by conflicts in West Asia remains a central concern for India’s energy security and import costs.
Entities
Hardeep Singh Puri · Fereidun Fesharaki · India · Strait of Hormuz · OPEC
Timeline
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[BUSINESS] 3 sourcesIndia identified as primary driver of global oil demand growth
India is the world's fastest-growing source of oil demand growth, according to Petroleum Minister Hardeep Singh Puri, amid global market volatility and geopolitical risks in West Asia.
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[BUSINESS] 3 sourcesHardeep Singh Puri cites supply route disruptions for global oil price volatility
Minister Hardeep Singh Puri stated global oil price hikes stem from supply route disruptions rather than shortages, while highlighting India's push for domestic biomass to increase its gas mix.
Sources
chinimandi.com · europesays.com · newsable.asianetnews.com