Davos, Switzerland: Supply cuts by OPEC+, costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world’s third biggest oil importer, to diversify its crude sources and accelerate its energy transition, its Oil Minister Hardeep Singh Puri said.
“Whenever there is vulnerability and uncertainty in the market, the transition gets accelerated. No-one is looking at that”, Puri told Reuters in an interview at this week’s World Economic Forum in the Swiss ski resort of Davos, referring to attacks by the Houthis on ships in the Red Sea.
Puri said that while OPEC+ nations have a right to decide on their energy production, supply cuts against such uncertainty, and the resulting adverse impact on global prices, will dent long term demand.
