Global Energy Prices to Fall as Oil Supply Increases: Hardeep Puri

India's Petroleum and Natural Gas Minister, Hardeep Singh Puri, said that global energy prices are expected to fall as there is a rise in oil supply.

Addressing an international energy forum, Puri pointed out that a number of oil-producing countries have increased production, causing a surplus in the market. The oversupply is likely to weigh on energy prices globally. Puri stressed that reduced energy prices would be advantageous to import-dependent countries such as India by trimming import bills and contributing to economic growth. He also highlighted the need to invest more in renewable sources of energy for a long-term supply of energy security. Source: Deccan Herald