India’s minister of petroleum and natural gas, Hardeep Singh Puri, expressed concerns about potential “organized chaos” if oil prices exceed $100 per barrel. However, Puri remained optimistic about India’s ability to withstand higher costs due to its large domestic production. He stated that India would adjust and take necessary measures if prices continue to rise. Puri emphasized that while India could navigate higher prices, he worried about the impact on other developing nations, pointing out that rising prices have pushed millions of people into poverty.
Puri’s remarks came as oil prices surged to their highest level in over a year, with U.S. West Texas Intermediate futures hitting $95.03 per barrel. Although prices have since retreated, standing at $89.44 a barrel in Wednesday morning trade, the potential impact of sustained high oil prices on developing economies remains a concern. Puri stressed the need for oil-producing countries to be mindful of the struggles faced by consuming nations and called for sensitivity towards their needs.
While India has set a net-zero goal for 2070, Puri highlighted that the country’s sustainable energy transition is happening at a faster pace and on a larger scale than expected. Major Indian energy companies, including Indian Oil Corporation, Oil and Natural Gas Corporation, and Bharat Petroleum, have all set net-zero targets ahead of 2070. Puri emphasized that rising prices further motivate countries to accelerate their energy transition efforts, acknowledging the importance of taking action to address the “trilemma” of availability, affordability, and sustainability in the energy sector.
