India Hopes for Global Oil Stability as US, Brazil, and Canada Boost Production, Says Hardeep Singh Puri

New Delhi, Nov 18 (KNN) India, the world’s third-largest oil consumer, is optimistic about enhanced oil production from countries like the United States, Canada, and Brazil to stabilise global oil markets and curb price volatility, Union Petroleum Minister Hardeep Singh Puri stated.

He highlighted that Brazil is set to add 300,000–400,000 barrels per day, while the U.S. could contribute an additional million barrels in the coming years.

This will ensure supply security for India as it aims to become the third-largest economy by 2028 and a developed nation by 2047.

At the 12th Public Sector Enterprises (PSE) Summit organized by the Confederation of Indian Industry (CII), Puri outlined India’s economic transformation since 2014, rising to the world’s fifth-largest economy.

He attributed this growth to robust reforms and the crucial role of Central Public Sector Enterprises (CPSEs).

Puri emphasized that India's future economic growth is tied to stable energy supplies, with public sector companies contributing significantly to the nation’s development.

Puri shared impressive financial figures from CPSEs, showing an 82 per cent increase in net worth, from Rs 9.5 trillion in FY14 to Rs 17.33 trillion in FY23.

He also noted that CPSEs’ contribution to the national exchequer has more than doubled, rising from Rs 2.20 lakh crore in FY14 to Rs 4.58 trillion in FY23.

Additionally, net profits of profit-making CPSEs grew by 87 per cent, from Rs 1.29 lakh crore in FY14 to Rs 2.41 lakh crore in FY23, highlighting their strong performance.

Puri also discussed India’s energy strategy, stressing a balanced transition that includes both clean energy and fossil fuels.

He pointed out reforms in the Exploration and Production (E&P) sector, which have reduced “No-Go” areas in Exclusive Economic Zones by 99 per cent, opening up new exploration opportunities.

India’s renewable energy progress was also emphasized, particularly in ethanol blending, which has risen from 1.53 per cent in 2014 to 15 per cent in 2024.

Puri concluded by praising the CII for organising the PSE Summit, noting that such platforms foster collaboration and are essential for guiding India’s PSEs toward sustainable growth.

(KNN Bureau)