High global crude oil prices could be detrimental to major oil producers in the long run as the transition to green energy tends to accelerate during bouts of price surge, Petroleum Minister Hardeep Singh Puri said Wednesday.
“If producers push it (oil price) in a certain direction, there will be consequences—intended and unintended. When prices were at their highest in 2022, the transition to green energy was the fastest,” the minister said in an interaction with journalists at the India Energy Week in Bengaluru.
India, the world’s third-largest consumer of crude oil, depends on imports to meet 85 per cent of its oil requirement. This means that high oil prices adversely affect India on multiple fronts, including inflation and current account deficit.
