Login

Indian Oil Minister Says Oil At $110 A Barrel Not Sustainable

India's Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of $110 a barrel was not sustainable
Calendar-icon

By Reuters

clock-icon

1 mins read

Calendar-icon

Published on May 27, 2022

Follow us on

google-news-icon
Story

Highlights

    India's Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of $110 a barrel was not sustainable, as the world faces an energy price crisis which is contributing to rising global inflation.

    Oil prices have surged this year, with Brent crude hitting $139 a barrel in March for its highest price since 2008, after Russia's invasion of Ukraine exacerbated supply concerns. [O/R]

    As countries around the world struggle with the impact of inflation on disposable income, India's Commerce Minister Piyush Goyal said on the same WEF panel that food inflation in the South Asian country was at a "manageable level".

    Goyal also said that India was producing enough wheat for domestic consumption, as some countries face shortages due to price rises and problems in getting the grain from major producer Ukraine following Russia's invasion.

    (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

    Stay updated with automotive news and reviews right at your fingertips through carandbike.com's Google News

    Related Articles

    Latest News

    Popular MINI Models