High oil prices pose challenge to economic revival in many countries: Puri

Surging oil prices could hinder the economic recovery of many nations by curbing demand, warned Petroleum and Natural Gas Minister Hardeep Singh Puri on Wednesday. Notably, Brent crude prices hovered over $90 per barrel for the majority of September. The ongoing crisis in Israel might cause them to surpass this level once more.

Addressing the 14th iteration of KPMG’s Innovation and Energy Conclave, Puri underscored the need to consider the concerns of oil-importing countries, particularly significant purchasers. He has previously cautioned that prices reaching $100 per barrel could trigger broad economic upheaval. As of Wednesday evening, Brent crude was priced at $86.64 per barrel, marking a decline of nearly 1 per cent.