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Crude Supply Unlikely to be Tight in 2024: Puri

OIL

Seaborne crude supply is unlikely to be tight in 2024 as there is no shortage of oil supply globally, India’s oil minister Hardeep Singh Puri said at India Energy Week Feb. 6, cited by Argus.

  • "In the foreseeable future, that is in the year 2024, I don't see any difficulties in availability [of crude oil]," he said.
  • He also said that Aramco’s decision to abandon expanding capacity to 13m b/d will have little effect on the market because Saudi Arabia is already producing well below current maximum capacity of 12m b/d.
  • India is a net importer of crude, with imports at around 80% of its demand.
  • It currently sources barrels from 39 countries, up from 27 before Russia’s invasion of Ukraine.
  • Around 45% of its imports come from the Middle East, with 38% coming from Eurasia.
Energy BulletsCommodities
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