India will do all that is required to ensure energy security, affordability: Puri

On October 5, the OPEC+ alliance of oil-exporting countries decided to sharply cut production to support sagging oil prices, a move that could deal the global economy a heavy blow.

Published: 14th October 2022 02:45 PM  |   Last Updated: 14th October 2022 02:45 PM   |  A+A-

Petroleum minister Hardeep Singh Puri

Union Petroleum minister Hardeep Singh Puri (File Photo | PTI)

By PTI

JAIPUR: Reacting to the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day, Union Minister Hardeep Singh Puri on Friday said India will do all that is required to ensure its energy security and affordability.

He said if required, India will go for diversification of energy sources.

"This is their (OPEC's) sovereign right what they want to do but equally it is my job to point out that all actions have consequences, intended or unintended. India will be able to navigate through the situation with confidence," the petroleum and the natural gas minister said at GEO India 2022 conference here.

"We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said.

Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in the next 20 years will be from India.

ALSO READ | Output cut by OPEC+ countries may push up India’s oil import bill

Therefore, he said, the prime minister took the decision to open up the exploration and production sector.

"We have diversified the sources from where we source energy and will diversify it further," he said.

The minister said going by the import statistics of the last six months, Saudi Arabia was the number one supplier and then Iraq became the second largest supplier but India has the autonomy to take its decision.

"We will take our decisions and we will not hesitate to diversify."

EXPLAINER | How will OPEC+ cuts affect oil prices, inflation?

On October 5, the OPEC+ alliance of oil-exporting countries decided to sharply cut production to support sagging oil prices, a move that could deal the global economy a heavy blow. It was decided to cut oil production by 2 million barrels per day starting in November.



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