‘High oil prices will sap global recovery’
The Hindu
Puri urges Saudi Arabia, other OPEC nations to work towards affordable and reliable supplies
India, the world’s third-largest energy consumer, on Wednesday warned that high oil prices will undermine global economic recovery, and nudged Saudi Arabia and other OPEC nations to work towards affordable and reliable supplies.
Petrol and diesel prices have hit record highs across the country after relentless price increases since May.
“If energy prices remain high, global economic recovery will be undermined,” Petroleum and Natural Gas Minister Hardeep Singh Puri said at the India Energy Forum by CERAWeek.
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Rupee expected to trade negatively due to weak equities, but cushioned by crude oil prices; influenced by RBI minutes.
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Benchmark indices Sensex and Nifty decline for third day due to tariff threats, weak Asian markets, and foreign fund outflows.
Rupee strengthens against the dollar, supported by weakening American currency, amid global economic uncertainties and foreign fund outflows.