Oil at $110 a Barrel not Sustainable, Says Indian Oil Minister
Published on: May 25, 2022
by KnowESG
Hardeep Singh Puri, India's oil minister, said at the World Economic Forum in Davos that a crude oil price of $110 per barrel was unsustainable, citing the world's current energy price issue, which is contributing to rising global inflation.
After Russia's invasion of Ukraine compounded supply concerns, oil prices have soared this year, with Brent crude hitting $139 a barrel in March, its highest level since 2008.
India's Commerce Minister, Piyush Goyal, claimed on the same WEF panel that food inflation in the South Asian country was at a "manageable level" as countries around the world battle with the impact of inflation on disposable income.
Goyal also stated that India produces adequate wheat for domestic consumption, even though some countries are experiencing shortages due to price increases and difficulties obtaining the crop from key producer Ukraine following Russia's invasion.
Source: Reuters
