Oil prices will ease if global tensions do not flare up: Dharmendra Pradhan

Oil prices had jumped by as much as 19% early last week before coming off peaks after an attack on oilfields of Saudi Arabia over the previous weekend disrupted 5% of global oil supply.

India’s oil minister Dharmendra Pradhan said on Monday global oil prices would ease if there is no further escalation of geopolitical tensions.

Dharmendra Pradhan said global oil prices would ease if there is no further escalation of geopolitical tensions. (Reuters Photo)

Oil prices had jumped by as much as 19% early last week before coming off peaks after an attack on oilfields of Saudi Arabia over the previous weekend disrupted 5% of global oil supply.

The price of crude oil has already reduced by a few dollars per barrel, Pradhan said in Hindi at an industry event in New Delhi.

Rising global oil prices are a major concern for India, the world’s third biggest oil importer, which meets almost 84% of its oil needs through imports.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)