India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has issued a caution about potential “organized chaos” if oil prices surpass $100 per barrel. Speaking at the ADIPEC oil and gas conference in Abu Dhabi, Puri emphasized the negative impact such high prices could have globally, raising concerns about the developing world’s ability to cope. While expressing confidence in India’s capacity to navigate higher oil prices due to its large economy and domestic production, Puri highlighted the vulnerability of other nations.
Puri noted that soaring oil prices over the last 18 months have pushed around “100 million people into abject poverty,” forcing them to shift from reasonably priced gas to alternative, less sustainable fuels. He urged oil producers to consider the struggles faced by consuming countries and called for sensitivity toward their economic challenges.
Addressing the broader energy challenge, Puri emphasized the need to balance availability, affordability, and sustainability—a global “trilemma.” Despite India’s commitment to a net-zero goal by 2070, Puri acknowledged that other major economies, such as China, have more ambitious targets. He highlighted India’s proactive stance in sustainable energy transition, surpassing initial expectations and involving major energy companies like Indian Oil Corporation, Oil and Natural Gas Corporation, and Bharat Petroleum, which have set net-zero targets ahead of 2070.
Puri underscored the importance of global collaboration and sensitivity among oil producers during economic downturns, similar to the cooperative efforts observed during the pandemic-induced oil price crash.
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