Higher oil prices lead to a surge in inflation and hurt growth in a large-scale importer like India.
NEW DELHI:
India, the world’s third-biggest oil importer, is closely watching the ongoing conflict in the Middle East, the country’s oil minister, Hardeep Singh Puri, said on Monday.
Oil prices rose over $3 a barrel on Monday as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the Middle East and raised concerns about supplies.
“The place where the action is taking place is, in many respects, the center of global energy… as we go along, we will navigate through this,” Mr Puri told reporters at an industry event in New Delhi.
Global uncertainties of such nature encourage people to use sustainable, cleaner fuels, Mr Puri said, adding that $100 per barrel of crude oil prices was unsustainable.
Higher oil prices typically lead to a surge in inflation and hurt growth in a large-scale importer like India.
Last week, India had urged oil producers to show “sensitivity” towards consuming countries, hit by prices largely trading above $90 a barrel since Saudi Arabia and Russia decided to extend voluntary cuts to year-end.
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