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The Economic Times

Business

No global oil shortage, supply route disruptions driving crude prices, oil minister says

Hardeep Singh Puri Oil India Natural Gas Petroleum Russia Ukraine

New Delhi: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Wednesday said the world has 104 million barrels per day of oil supply against consumption of 94 million barrels per day, but disruptions in key supply routes have pushed up freight costs and energy prices.

Speaking to the media on the sidelines of the 20th Foundation Day celebrations of the Petroleum and Natural Gas Regulatory Board (PNGRB), Puri said the current challenge in the global energy market is not a shortage of oil but disruptions to supply routes.

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