India, the world’s third-biggest oil consumer, on Wednesday warned that high oil prices will impact global economic recovery but expressed confidence of being able to navigate through the current geopolitical crisis.
Oil Minister Hardeep Singh Puri said India is closely watching the Israel-Hamas military conflict, which has so far not impacted supply lines.
“It stands to reason that if the crude oil prices go up then that has a very strong impact and adverse impact on the attempts for a global economic recovery,” he said.
Oil prices had risen by over USD 3 per barrel on Monday following military clashes between Israel and the Palestinian Islamist group Hamas but settled lower as concerns over potential supply disruptions eased.
