India is not concerned about a lack of oil supply despite OPEC production cuts and Saudi Arabia's decision to halt its capacity expansion.
The world’s third-biggest crude oil importer, India, is not worried about a shortage of oil supply despite the ongoing OPEC production cuts and Saudi Arabia’s decision to ditch capacity expansion plans, India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, told Bloomberg on Friday. “There is enough oil in the world and new suppliers are coming in,” Puri said on the sidelines of an energy forum in India.
“If the Saudis or anyone else say they don’t want to produce, I think they have the right to do it,” Puri told Bloomberg. India is not concerned that OPEC is withholding supply, either, according to its petroleum minister. India imports more than 80% of the crude it consumes and aims to diversify its sources of oil supply, looking to buy barrels at bargain prices, including from Russia.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Poll: Are you concerned about the future of Xbox?Recent rumors suggesting that Microsoft could release some first-party games on other platforms seem to have divided fans. For this week's poll, we want to know: Are you concerned about the future of Xbox?
Read more »
Mother slams Scottish Government over lack of mental health support for bullied daughterThe mum of a teenage girl left suicidal after a brutal school bus attack has slammed the Scottish Government after her pleas for better mental health support "fell on deaf ears". Calls for action were made in December after devastating figures revealed that more than 5,300 Scottish children and young people were on waiting lists for Child and Adolescent Mental Health Services (CAMHS).
Read more »
Partner 'fell apart' after death of woman who walked out of secure unitHe said he was 'extremely concerned' that Helen Tarry was able to leave without being seen
Read more »
Ollie Pope's century revives England's hope in first Test against IndiaOllie Pope scored a sublime century to revive England and give the tourists hope of victory over India after day three of the first Test.
Read more »