West Asia crisis not over, potential to escalate further: Oil Minister Hardeep Puri

The West Asia crisis is not over and has the potential to exacerbate, said Hardeep Singh Puri, Union Oil Minister at the Public Affairs Forum of India’s annual conclave here Thursday.

He added that notwithstanding the prevailing situation, a potential silver lining is the abundant availability of crude oil in the global market.

“The crisis is certainly not over; it is not only ongoing, but it has the potential of exacerbating. In other words, it could get more serious,” he said.

Highlighting that global crude availability remains higher than current demand; he said around 102 million barrels per day (mb/d) of crude oil is available in the market, while India’s domestic requirement is estimated at 94-95 mb/d.

The Union Minister also ruled out restricting exports amidst tightened market conditions.