Petroleum minister Hardeep Singh Puri on Friday said oil prices will be around $65 per barrel as ample supplies are available in the market.
Puri, while speaking at the CII Annual Business Summit 2025 in New Delhi, also mentioned that it is highly unlikely that prices will touch $80 per barrel. “My sense is that with more supplies becoming available, prices will be close to $65, not $80 per barrel,” said Puri. He further added that high spare production capacity is weighing on the oil market. “Even when there are disruptions, the market knows that more supply is available,” he added.
Brent crude has been trading between $60 and $66 for a month amid increasing supplies from the producer group OPEC+ and rising demand uncertainties due to the US tariff war. The minister also lamented that the country’s current gas share in the energy mix still lingers at just about 6-7%.