Oil prices to ease if global tensions do not rise, says Oil Minister Dharmendra Pradhan

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New Delhi: Following the attack on Saudi Arabia’s Aramco oil refinery, it is expected that oil prices may witness a massive spike. Oil minister Dharmendra Pradhan believes global oil prices would ease if there is no further escalation of geopolitical tensions.

According to the reports, oil prices witnessed surged by 19 per cent after a drone attack on the oilfields of Saudi Arabia. Also, it has impacted the per cent of global oil supply.

Earlier, Kotak Institutional Equities had stated that the petrol and diesel prices may increase by Rs 5 to 6 per litre in India as the country imports 83 per cent of its oil needs, and Saudi Arabia is its second-biggest supplier.

Also, Pradhan had assured that there would be no supply disruption to India. In a tweet, he had stated that “We have reviewed our overall crude oil supplies for the month of September with our OMCs. We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation.”

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