Petroleum minister Hardeep Singh Puri on Friday said oil prices will be around $65 per barrel as ample supplies are available in the market.
Puri, while speaking at the CII Annual Business Summit 2025 in New Delhi, also mentioned that it is highly unlikely that prices will touch $80 per barrel. “My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel," said Puri. He further added that high spare production capacity is weighing on the oil market. “Even when there are disruptions, the market knows that more supply is available,” he added.
Brent crude has been trading between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. The minister also lamented that the country’s current gas share in the energy mix still lingers at just about 6-7%.
He said that India’s push to become a gas-based economy remains slower than expected. “I still think we are progressing, though at a rate that could be higher,” he added. India currently imports over 85% of its crude oil needs and around 50-55% of its natural gas.
Despite various initiatives, domestic crude output has fallen from 36 million tonnes a decade ago to around 30 million tonnes today. On exploration and production (E&P), Puri highlighted the Open Acreage Licensing Policy, aimed at unlocking untapped energy reserves and strengthening global partnerships. Describing India's oil marketing companies as “highly successful public sector giants”, Puri reported profits of `1.29 lakh crore last year. He added that if `40,000 crore in pending dues were recovered, this year's profits could match previous records.