It is expected that Trump’s election may encourage winding down of conflict in Ukraine and the Middle East, Puri said.New Delhi: Donald Trump’s return to the White House will help bring more energy supplies to the global market, putting pressure on prices, benefitting India, oil minister Hardeep Singh Puri has said.
The senior leader also took on the issue of India-Canada ties and Khalistan extremists, saying that the actions of a few misguided elements should not be used to paint an entire community, pointing out that most immigrants are hardworking people who went abroad to better their lives.
“More and more energy from the United States is going to come on the market,” Puri told a gathering of industry executives at ET's India Ascends event. “The US currently produces about 13 million barrels a day (mbd) of oil, and everyone expected that they'll produce another 1 mbd of oil. With the Trump victory, you can be sure that's going to happen.”
Increased US production and exports can further pressure oil prices, which have lost about $20 a barrel since April. Brent, the international crude benchmark is trading around USD 72 per barrel weighed down by growing global supply and weak Chinese demand.
“I see oil crossing that USD 70 a barrel figure and coming down, I think it's very good for India. It's good for the world,” said Puri, adding that producer club OPEC+ decision to cut supplies or geopolitical events in Europe and the Middle East are having little impact on prices.
“One producers group cut back about 5 mbd another day and they expected that by cutting down 5 mbd, prices would go up. It didn't,” Puri said, referring to OPEC+ supply cuts.
“Despite the production curtbacks, despite the global turbulence in Russia, Ukraine and the Middle East prices are at USD72/USD73,” he said.
Trump’s second tenure as president won’t be “negative” towards renewables, Puri said. “Will the green hydrogen story which emanates from the United States slow down? I don't think so. It will go hand in hand (with oil and gas). There are some things that the market and the technology produce that will carry on,” he said, adding that there was no “restrain on extracting and exporting energy” even in the Biden administration.
It is expected that Trump’s election may encourage winding down of conflict in Ukraine and the Middle East, Puri said. “The president-elect is very clear from day one that he wants these conflicts to come to the winding up phase,” he said.
The minister spoke at length on India-Canada ties, saying that some misguided elements have tried to create a void but that can not be seen as part of a larger trend. “Whether you are a Sikh or Hindu, they are hardworking people. They went there to better their lives, etcetera. But some of the elements that have been imported there are there for the wrong reasons. At the end of the day, they do themselves great injustice through their behavior,” he said.
“Don't let a few misguided elements paint an entire community, the community to which I belong. I'm a proud member. I can tell you (about) the sacrifices of that community, the hard work of that community,” he said, adding that he is dismissive about the few `misguided elements’ who try to paint a picture of persecution to get a visa or gain entry to a foreign country.
