“Irrespective of the celebration of democracy that will happen in November, the US will actually put more oil in the market afterwards. I see 10 lakh barrels coming to the market,” he said here on Friday while speaking at the 14th foundation day of Pune International Centre, a think tank based in Pune.
Puri’s comments came in the context of no shortage in availability of crude oil in the world, with new sources coming up from countries such as Guyana, Suriname, and Brazil.
“But whether that oil is there on the market for transaction is a different issue,” he added.
Puri also said, “There is no shortage of crude oil in the world; now we have to deal with prices.”
India is also making efforts towards increasing reliance on cleaner fuels such as biofuels and green hydrogen, which will bear fruition in the coming years, he added.
Despite that,the country is increasing efforts towards exploration of oil and gas. India has an area of 35 lakh sqkm with sedimentary basin, but our exploration is hardly 5 lakh sqkm, he said.
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