DAVOS, Switzerland (Reuters) – India’s Oil Minister Hardeep Singh Puri advised the World Financial Discussion board in Davos on Tuesday {that a} crude oil worth of $110 a barrel was not sustainable, because the world faces an vitality worth disaster which is contributing to rising world inflation.
Oil costs have surged this yr, with Brent crude hitting $139 a barrel in March for its highest worth since 2008, after Russia’s invasion of Ukraine exacerbated provide considerations. [O/R]
As international locations around the globe battle with the affect of inflation on disposable earnings, India’s Commerce Minister Piyush Goyal stated on the identical WEF panel that meals inflation within the South Asian nation was at a “manageable degree”.
Goyal additionally stated that India was producing sufficient wheat for home consumption, as some international locations face shortages resulting from worth rises and issues in getting the grain from main producer Ukraine following Russia’s invasion.
Reporting by Aditya Kalra; Enhancing by Alexander Smith
