While acknowledging that the decision of Organisation of Petroleum Exporting Countries (OPEC)+ countries, that includes Russia, to cut production by two million barrels a day, is a matter of sovereign right, India has indicated that the decision has caught many by surprise and it will have an impact on global prices, inflationary cycle and recessionary climate building up in other parts of the world.
Speaking to reporters in Washington DC, Union minister of petroleum and natural gas Hardeep Singh Puri, while expressing the confidence that India will be able to navigate the situation, said, “At the end of the day, the amount of energy that is released by producers and suppliers matches the demand that there is in the market and there is an equilibrium, you will have market forces playing out. How much energy you release will have an impact on price levels.”
On Friday, Puri also participated in the second US-India Strategic Clean Energy Partnership ministerial, with his counterpart, US Secretary of Energy, Jennifer Granholm.
