High global oil prices to hinder global economic recovery

India warns that high global oil prices, which require high and sustainable energy, could weaken the post-epidemic of global economic recovery. Petroleum and Natural Gas Minister Hardip Singh Puri reaffirmed the country’s commitment to clean energy at the Indian Energy Forum hosted by CERAWeek (Cambridge Energy Research Associates) on Wednesday.

India is one of the top five energy consumers to enable the Organization of Petroleum Exporting Countries (OPEC) or OPEC countries to reach the highest levels of oil and gas prices across the country at affordable prices and reliable energy supply. International crude oil rates.

Earlier this year, the International Energy Agency predicted that India’s energy demand would surpass that of any country in the next two decades, with 8.7 million barrels per day, which is expected to grow by 74% by 2040. India’s net dependence on oil revenues is expected to grow by more than 90 percent by 2040.

Puri is currently 85% and 55% dependent on India for oil and gas imports, which account for 20% of the country’s imports. “Imports have increased by almost three times in the last quarter compared to the same period last year,” he said. Price fluctuations have pushed up the price of domestic hydrocarbon fuels and affected the economy, leading to inflation.

Puri described the situation as a “wake-up call” while worrying about inflation and warned that global economic recovery could be weak if you do not control prices.

He reaffirmed India’s commitment to sustainable energy. “Thousands of charging stations are being installed to promote electric vehicles. Hydrogen missions are being launched to switch to green energy,” Zuri said. He said India is investing nearly $ 60 billion in its efforts to become a gas-based economy using clean fossil fuels, promoting digital innovation in power systems and achieving 450 GW of renewable energy target by 2030. It is developing infrastructure, including pipelines, terminals and recycling facilities.

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“We need energy sustainability in the energy sector as we move to a $ 5 trillion economy by 2025,” he said. India: Energy justice is a key objective and priority for our government. India is one-sixth of the international community and ለመሆን for the Sustainable Development Goals (SDGs), India must be successful.

Puri added that India sees the energy sector as encouraging and more conducive to living. He also outlined the theme of the year at the forum – building a new, energy-efficient future for India.

According to a statement from the Ministry of Petroleum and Natural Gas, India’s energy transfer is multi-faceted and the energy sector has been well selected with a constant focus on results.

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