Hardeep Singh Puri, India's oil minister, said at the Globe Economic Forum in Davos on Tuesday that a crude oil price of $110 per barrel was unsustainable, as the world grapples with an energy price crisis that is contributing to rising global inflation.
After Russia's invasion of Ukraine compounded supply concerns, oil prices have soared this year, with Brent crude hitting $139 a barrel in March, its highest level since 2008. [O/R]
India's Commerce Minister Piyush Goyal claimed on the same WEF panel that food inflation in the South Asian country was at a "manageable level," as countries throughout the world battle with the impact of inflation on disposable income.
Goyal also stated that India produces adequate wheat for home use, despite the fact that some countries are experiencing shortages due to price increases and difficulties obtaining the crop from key producer Ukraine following Russia's invasion.