Stories
Energy Anxiety Lingers: Puri Warns of Global Shocks Despite India's Insulation
C
CNBC TV18•01-10-2026, 12:50
Energy Anxiety Lingers: Puri Warns of Global Shocks Despite India's Insulation
- •Petroleum Minister Hardeep Puri stated that energy-related anxiety is not over, despite India's current insulation from global fuel price rises.
- •Puri cautioned that the Central government cannot predict how long consumers will remain insulated from global energy shocks.
- •Brent Crude Futures have stubbornly hovered above $100 per barrel amidst ongoing global energy turbulence.
- •Puri highlighted that global oil supply is not short, but supply routes like the Strait of Hormuz and Bab al-Mandab are choked, driving higher energy prices.
- •He emphasized the need to increase India's domestic oil production and foster inter-state cooperation to navigate energy turbulence.
Key Questions Answered
Petroleum Minister Hardeep Singh Puri stated that while global oil supply stands at 104 million barrels per day against a demand of 94 million barrels per day, price hikes are being driven by logistics, higher freight costs, and supply route disruptions like those at the Strait of Hormuz and Bab al-Mandab Strait.
India has expanded its crude sourcing network from 27 countries to 41 countries to reduce its dependence on individual conflict-prone regions and enhance its energy security.
According to the Energy Statistics Data for 2025, India's projected crude oil reserves totaled 671.40 million tonnes, with the Western Offshore region holding about 32%, followed by Assam at 21.66%, Rajasthan at 19.59%, and Gujarat at 17.70%.
