Hardeep Puri closely monitors Trump's energy remarks

New Delhi

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said on Monday that India is closely monitoring the announcements made by US President Donald Trump about increasing energy supply. He emphasized that there is no global oil shortage, highlighting that more oil is being produced, particularly from countries like Guyana, Suriname, and Canada.

Puri mentioned that the US is already producing 13 million barrels of oil per day and plans to add an extra 1.4 to 1.5 million barrels. He also noted that Brazil and other nations are increasing their oil output. He welcomed the additional oil supply, stressing that this will help stabilize the market.

Regarding Trump’s recent statement about increasing oil production, Puri said India already purchases significant quantities of oil from the US, amounting to $20 billion annually. He also acknowledged that India's number of oil suppliers has increased, from 27 to 39, and that more oil availability is a positive development.

Puri also discussed the lifting of certain gas restrictions imposed by the previous US administration, stating that these were likely temporary and driven by environmental concerns. He expressed optimism about future gas availability and emphasized India's plans to expand its use of natural gas, aiming to increase its share in the energy mix.

In response to questions about energy deals, Puri confirmed ongoing negotiations, including with Argentina for LNG supplies.