Union Minister Puri assures no crude oil shortage, ample refining capacity

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said there is no shortage of crude oil in the world and enough refining capacity in the country to meet the domestic requirements. Referring to geopolitical tensions in the Middle East, the minister said it was his personal assessment that things will calm down, noting that it is in everybody's interest not to allow exaggeration to take place because everyone suffers. "There is no shortage of crude oil in the world," said Puri while replying to a question on the sidelines of an event regarding 'Rozgar Mela' here. "Prior to all these developments, the total amount of crude, which was produced in the world, was close to 105 million barrels a day. OPEC+, a group of producing countries, voluntarily cut about 5 million barrels (a day). "If you talk to them, they will say they do not deal with prices but if you limit the quantity which comes into the market, then you are obviously affecting prices. It came down to 97