No shortage of oil, India will buy from whoever gives best price: Union minister Hardeep Puri

There is no shortage of crude oil in the world and Indian companies will buy oil from whoever gives them the best price, Union minister for petroleum and natural gas Hardeep Singh Puri said on Monday.

"Tomorrow, if there is a large-scale conflagration and things spiral out of control, all bets will be off and the price could shoot up. I don't see that happening because more oil is coming in the market,” the minister said.

He pointed out that the global supply of oil outpaces the consumption ensuring a stable market.

“Even during a perilous time for the world a few years back India successfully navigated the trilemma of energy availability, affordability & sustainability under the leadership of PM @narendramodi Ji. I have said this before, Indian companies will buy oil from whoever gives them the best price,” Puri said.

Puri’s comments came amid concerns over potential supply chain disruptions due to the conflict in the Middle East and the ongoing Russia-Ukraine war.

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December. Brent crude prices slightly dipped to $75.05 a barrel, while U.S. West Texas Intermediate was at $71.43.

"We are now in the calm before the storm," Reuters quoted IG market analyst Tony Sycamore as saying.