Union Petroleum Minister Hardeep Singh Puri on Thursday said India, the world’s third-largest oil-consuming and importing nation, is hoping that more oil production coming from western countries like the US and Canada will calm markets and bring stability in prices.

Puri was addressing the 12th Public Sector Enterprises (PSE) Summit, organised by Confederation of Indian Industry (CII) in New Delhi.

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“Today more production is coming on the global market from the Western Hemisphere. Brazil, Guyana, Canada and the US are adding more production and with more and more oil coming, one expects as a result that the market situation will calm,” he said.

He highlighted the major reforms in the Exploration and Production (E&P) sector, which have opened up significant new areas for oil and gas exploration.

“We have reduced No-Go areas in Exclusive Economic Zones (EEZ) by 99%, allowing for the largest-ever offering of 1,36,596 square kilometers in a single bid round under the Open Acreage Licensing Policy (OALP). Of these, 13 blocks, covering 51,405 square kilometers, were previously classified as ‘No-Go’ areas,” he explained.

Speaking to the reporters on the sidelines of the event, Puri said the OPEC+ is actively reviewing their decision on production cuts and may decide on the issue in a month or two.

“There is more oil available. What we need is stability and predictability so that in the period ahead countries can base their decisions on lines which are predictable. Fluctuations, prices going up and down, that creates uncertainty in the market that is not good for healthy economic decision making,” he said.

At the event, the Minister shared several key statistics illustrating the remarkable performance of India’s Public Sector Enterprises.

He shared that the net worth of Central Public Sector Enterprises (CPSEs) has increased by 82%, from Rs 9.5 trillion in FY14 to Rs 17.33 trillion in FY23.

The contribution of CPSEs to the national exchequer—through excise duties, taxes, and dividends—has more than doubled, rising from Rs 2.20 lakh crore in FY14 to Rs 4.58 lakh crore in FY23.

He also highlighted that the net profit of profit-making CPSEs grew by 87%, from Rs 1.29 lakh crore in FY14 to Rs 2.41 lakh crore in FY23.

On the subject of fossil fuels, the Minister acknowledged that while India is steadily transitioning to cleaner energy sources, fossil fuels will continue to be part of the energy mix for the foreseeable future.