Crude prices beyond $100 per barrel to create large, organised chaos: Puri
Petroleum and Natural Gas Minister Hardeep Singh Puri on Wednesday warned of “organised chaos” if crude oil starts selling at over $100 per barrel. Saudi Arabia and Russia announced they will continue existing production cuts till the end of the year hours after Puri made the comments at the ongoing ADIPEC oil and gas conference in Abu Dhabi.
“If the price goes above $100, it’s not going to be in the interest of either the producing country or anyone’s interest. You will have large, organised chaos,” Puri told news channel CNN at a discussion panel early on Wednesday. He pointed out that rising prices in the last 18 months had pushed 100 million people in many parts of the developing world into abject poverty.
