In the coming period there is no shortage of energy in the global market, you must negotiate effectively to get good prices, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated Friday.
“In the coming period, I do not foresee any shortage of energy, you have negotiate this [global market currents], and you have to negotiate good prices et cetera,” he told reporters at the curtain raiser of the India Energy Week scheduled to commence next week (January 27) in Goa.
The Petroleum Minister added that India being among the largest consumers of petroleum and natural gas also helps its dynamics. “By virtue of the fact that we are one of the bigger consumers, it also gives us a bit of positioning in the world,” he stated, adding, “[This is] because people who have energy would want to sell it and we can position ourselves to get proper long-term agreements.”
Reflecting on the global supply, Mr. Puri also emphasised that “more and more energy is coming on to the global market from the Western Hemisphere” – pointing to Brazil, Guyana, Suriname and Canada. He held that India with their “strong relationships” with their traditional partners, among other partners, would enable the country “navigate forward in the coming period”.
