Oil prices stable, situation not alarming: Union Minister amid Middle East tensions
The conflict between Israel and Iran, running for a week, is ongoing and there is no shortage of oil as global energy prices are under control, Union Petroleum Minister Hardeep Singh Puri said on Thursday.Since June 13, the back-and-forth missile strikes by Israel and Iran have fuelled fears among people that oil prices could shoot up amid escalating tensions in the Middle East. However, Puri, in an exclusive interview with India Today TV, said the situation was manageable and not alarming.advertisement"The government is confident that it will be able to navigate through this turbulence. Oil prices are under control and there is no shortage of oil in the world. It is always prudent in an ongoing conflict not to speculate. We are monitoring the situation," he said.
Alleviating concerns about a spike in oil prices, the minister said the rate was presently at USD 76 per barrel and it was not "alarmingly high".Iran has fired over 400 ballistic missiles and more than a thousand drones over Israel since the Jewish state launched Operation Rising Lion on June 13, with the twin goals of eliminating the nuclear and missile threat from the Islamic Republic."When the conflict began in the Middle East, people were worried that the prices would cross the Rs 100-mark. However, I am reasonably confident because the prices in the past few months, contrary to our expectations, remained in the range of Rs 75," Puri said.advertisement"In the pre-current phase, daily production was USD 102 million barrels a day. More oil is coming onto the market from the West - countries like the US and Canada," he added.Iran has 157 billion barrels of crude oil, 24 per cent of the Middle East's and 12 per cent of the world's proven reserves. It's the ninth-largest oil producer, producing 3.3 million barrels daily and exporting two million barrels of crude and refined fuel.Oil prices rose swiftly this week as the US weighed the possibility of direct involvement in the Israel-Iran conflict.Meanwhile, Puri said he was not unduly worried as merchant ships and oil tankers were not being targeted so far in the Israel-Iran conflict."It's not happening now. It happened when the Houthis were attacking ships in the Red Sea. The concern is one of the major supply lines. At least 20-22 per cent of global energy passes through that supply line. We also receive oil from there," he said."If India consumes 5.5 million barrels a day, then it means one-and-a-half million barrels come from there and some days even more. And the four million barrels come from elsewhere. So, it should stand for reason that India should be able to increase (supply) from four million to five million barrels in case this supply route is choked," he further said.advertisementReacting to reports that Iran was considering shutting down the Strait of Hormuz, through which 20 per cent of daily global oil consumption passes, Puri said such a move would not be in the interests of oil-consuming countries, including India.About 18 million to 21 million barrels of oil and oil products move through the Strait of Hormuz along Iran's southern coast and there is widespread concern that the conflict could disrupt trade flows."We have diversified our sources of chains. We used to buy oil from 27 countries. Now we purchase from 41 countries. We also produce a fair amount of oil that we export. i am not too worried about the situation. If any time-bound measures are to be taken, the government will do so," Puri further said.(with inputs from agencies)Must Watch
IN THIS STORY#Israel#Iran
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
17 minutes ago
- Economic Times
Akshat Shrivastava once earned Rs 10,000 per month. Now saves 95% of his income, thanks to one rule
Akshat Shrivastava, a financial advisor, saves 95% of his income by avoiding lifestyle inflation. Starting with modest savings from a small salary, he scaled up his investments after landing a corporate job. His key principle is to only buy something if he can afford it twice, emphasizing financial discipline and smart investment choices. Tired of too many ads? Remove Ads His golden rule? Tired of too many ads? Remove Ads Who is Akshat Shrivastava? ( Originally published on Jun 18, 2025 ) In a world obsessed with lavish lifestyles and social media-fueled spending, Akshat Shrivastava 's financial journey stands out as a refreshing example of restraint, strategy, and smart decision-making. The financial advisor and popular content creator recently shared a breakdown of his money journey on LinkedIn—and the takeaway is powerful: he now saves a whopping 95% of his annual income, thanks to one simple mindset began his career earning just Rs 10,000 a month. Living with his parents, using a second-hand phone, and eating home-cooked meals, he still managed to save Rs 1,000–2,000 monthly. No debt, no unnecessary expenses—just small, consistent savings that reflected strong discipline from the start.A few years later, after landing a corporate job with an annual package of Rs 50 lakh, his saving habits scaled up too. He continued living debt-free, saving at least Rs 20 lakh per year, and channelled most of it into high-growth investments. Over time, those investments started generating income of their own, leading him towards financial independence far earlier than even with family responsibilities, global travel, and living in an expensive city, Akshat claims his savings rate still sits at 95%. The secret? Never letting lifestyle inflation outpace income. He emphasised one golden rule that's guided him for years: 'Don't buy something once unless you can afford to buy it twice.' Unless it's an investment in upskilling, he says, this mindset is were quick to praise his discipline and perspective. While many agreed that saving 20–30% of one's income is a good benchmark, they also pointed out the harsh reality of India's average salary and stagnant growth rates. Others admired the power of early financial discipline and echoed their own struggles to avoid debt traps and impulse post didn't just go viral—it struck a nerve with a generation trying to balance aspirations with affordability. Many were curious to know more, especially about his very first Shrivastava, an INSEAD alumnus, is an investor and entrepreneur. He has built multiple businesses and has over 15 years of experience in asset management. As an educator, he has taught GMAT, GRE, business strategy, and consulting. Now, he is a full-time investor managing his own fund.
Time of India
32 minutes ago
- Time of India
State second in Centre-funded infra expenditure
Gandhinagar: A Union govt report on central infrastructure projects exceeding Rs 150 crore for May states that Gujarat is second, behind Andhra Pradesh, among all states and Union territories for cumulative expenditure on ongoing projects. The '475th Flash Report on Central Sector Infrastructure Projects (Rs 150 crore & above)' for May 2025, stated that the cumulative expenditure by the Union govt in Andhra Pradesh is Rs 96,957.04 crore, followed by Gujarat, where the cumulative expenditure in infrastructure projects is Rs 86,950.93 crore. A total of 1,637 centrally-funded infrastructure projects are ongoing in the country, of which 90 are in Gujarat, the report says. It states that the original cost of these infrastructure projects in Gujarat was Rs 1.67 lakh crore, the revised cost was Rs 1.73 lakh crore, and the anticipated cost is Rs 1.74 lakh crore. The report stated that out of a total of 40 central govt-funded infrastructure projects completed in May 2025, four were in Gujarat, with three in the roads sector and one in the railways sector. These include the Mehsana-Palanpur doubling project of the railways, a section of the expressway project at Vadodara, four-laning of the Bhavnagar-Talala section of NH-8E, and four-laning of the Una-Kodinar section of NH-8E. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Hausbesitzer jubeln! Wer Heute noch ohne Solar lebt sollte nun die Lauscher aufsperren. Solar Nachrichten Aktuell Mehr erfahren Undo According to the report, among the 15 new centrally-funded infrastructure projects added in May this year, one was in Gujarat — a 50MW wind power project, approved in July 2022 with an estimated cost of Rs 383.84 crore. It was expected to be commissioned by June this year, but the anticipated commissioning date has now been revised to Jan 2026, the report says. According to the report, a total of eight centrally-funded infrastructure projects were 'frozen' or deleted in May, of which none were in Gujarat.
Time of India
32 minutes ago
- Time of India
Bengal ranks third among foreign tourists' fave Indian destinations
1 2 Kolkata: Bengal has emerged as one of India's top tourism hotspots for foreign travellers, clocking a record 32 lakh international tourist arrivals in 2023–24 — the third highest in the country after Maharashtra and Gujarat, Bengal's tourism minister Indranil Sen said in the assembly on Thursday. This marks a significant jump from 27.1 lakh in 2022–23 and just 10.4 lakh in 2021–22, underscoring the state's growing global appeal and tourism turnaround post-Covid, he said. Sen said the state accounted for 14.8% of India's foreign tourist arrivals last year. "This is a huge achievement. Bengal is firmly on the international tourism map," Sen said in response to a question by BJP MLA Bishwanath Karak. The data, sourced from 'India Tourism Statistics 2023' released by the Union ministry of tourism, places Bengal alongside national tourism giants. Sen debunked a common perception that a bulk of Bengal's foreign tourist inflow is limited to visitors from neighbouring Bangladesh. "Only 1.8 lakh out of the 32 lakh foreign tourists came from Bangladesh. Over 27 lakh were from Europe, Russia, and Australia," he said. One of the biggest tourism magnets remains Kolkata's Durga Puja, which was inscribed in Unesco's Representative List of Intangible Cultural Heritage of Humanity in 2021. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo In 2023, during the festival period from Mahalaya to Diwali, the city welcomed over 5 lakh foreign visitors — with trade estimates suggesting at least 20,000 were international travellers during the five puja days in Kolkata. Anil Punjabi, national committee member of Travel Agents Federation of India, said, "We are already getting puja bookings from Canada, Spain, Europe and UK. The festive charm, the craftsmanship on display, and Bengal's value-for-money factor make it an irresistible destination during this time." Hill stations, particularly Darjeeling and Kurseong, are also witnessing a massive influx of foreign visitors. "Bengal's hill stations are now more preferred than overcrowded destinations like Shimla and Kullu-Manali. Tea tourism is popular too," said Manav Soni, national committee member of Travel Agents Association of India. Purulia and Bankura — once peripheral to Bengal's tourism economy — are now gaining traction. Launched on April 22, an eco-tourism centre near Ayodhya Hills run by local enthusiasts has already reported 87% occupancy, Sen said. The Purulia Tourism Development Council has been formed to assist local tourism stakeholders and attract more visitors. Bengal has also taken a pioneering step in professionalising its tourism industry. The state now boasts the highest number of certified tourist guides in the country — 1,022 — trained under its Tourist Guide Certification Scheme. Bengal's strategic location as a gateway to the Northeast has also given it a dual advantage. Tourists exploring states like Sikkim, Assam, and Meghalaya often transit through Bengal. New spiritual landmarks, like the Jagannath temple in Digha, are also becoming major pilgrimage and tourist attractions, travel agents said.
