'Oil Shocks Are Permanent Now, India Must Plan For Volatility And Not Recovery', Says Hardeep Puri

Описание: Oil geopolitics is no longer about short-lived shocks. It has become a permanent condition. That is the warning from Union Petroleum Minister Hardeep Singh Puri as India confronts a world where wars, sanctions and trade restrictions now drive energy markets. Speaking ahead of India Energy Week 2026, Puri said crude prices remain vulnerable despite adequate global supply, with even small political developments triggering sharp reactions. For India, which imports over 85 percent of its oil, this volatility threatens inflation control, fiscal planning and macroeconomic stability. New Delhi has responded by diversifying imports, expanding strategic reserves and upgrading refining flexibility, but Puri cautioned these steps are not enough. Energy security, he said, must now include critical minerals needed for clean energy. That is why India is pushing deep-sea exploration under the Samudramanthan mission, aiming to secure lithium, cobalt and nickel from the ocean floor. As energy and trade become tools of geopolitics, India’s challenge is to manage immediate dependence while building long-term autonomy.

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