Indian Oil Minister: $110 a Barrel Oil Not Sustainable, According to Reuters

DAVOS, Switzerland – India’s Oil Minister Hardeep Singh Puri addressed the World Economic Forum on Tuesday, stating that a price of $110 per barrel is not sustainable amid a global energy price crisis that is contributing to increased inflation worldwide.

Oil prices have risen significantly this year, peaking at $139 per barrel in March, the highest level since 2008. This surge follows Russia’s invasion of Ukraine, which heightened concerns over supply disruptions.

Meanwhile, as nations grapple with inflation’s impact on household incomes, India’s Commerce Minister Piyush Goyal remarked during the same WEF panel that food inflation in the country remains at a "manageable level." He also assured that India is producing sufficient wheat for its domestic needs, even as other countries experience shortages due to price increases and challenges in obtaining grain from Ukraine.