"Watching announcements very carefully...": Union Minister Hardeep Puri on Trump's remarks on energy

Speaking to reporters, Hardeep Singh Puri recalled that one of the former US Presidents had earlier said that they will put more energy on the market, irrespective of the results of the outcome. He noted that there is more oil coming from Guyana, Suriname and Canada.

On being asked about Trump's remarks on energy, he said, "First of all, the announcements made so far, we are watching them very carefully. It is clear, as I have shared with you many times, that more and more energy is coming on the market. I think that's a given. I have said all along that if you look at what's happening in the global energy scene, there is no shortage of oil. That is also very clear. I had shared with you some time ago, after I came back from Gastech in Houston, that at that point of time, one of the former presidents of the United States had said that they will put more energy on the market, irrespective of the results of the outcome."

"I've shared with you that my assessment at that point of time was that America already produces 13 million barrels a day. They'll put at least another 1.4-1.5 million barrels additional on the market, okay. When I went to Brazil, to which one of my colleagues on the panel, they are producing three million barrels a day. They are putting another 140,000 battles a day on the market additional. There's more oil coming from Guyana, Suriname, Canada. I'm talking about Western hemisphere. So, there is no shortage of oil. What that means is how much oil is available in the marketplace. I have been on record with you many times. I see oil prices reacting to that availability. So, this is one. Secondly, the inauguration has just taken place, some decisions have been taken. Let them come in. You should come and meet me more often for our weekly meetings and then we will discuss," he added.

On Trump's announcement that US will produce more oil, Puri said, "We are already buying 20 billion dollars from them in a year... As I said there's more oil available in the market when there's more oil available at the market as it is our number of suppliers had gone up from 27 to 39. If more oil comes in, this is something that we welcome."

When asked if there is a possibility of more purchases of energy between India and the US, he said, "Yes."

Hardeep Singh Puri said that some of the restrictions that were placed on gas by the previous US administration were not there. According to him, the outgoing US administration placed some of those restrictions as they wanted to reach out to environmental lobbies.

When asked about gas if restrictions will be lifted, Puri said, "If you look at some of these restrictions which were placed prior to the American elections, there was a catch in that. Those restrictions were not there. I think the outgoing administration placed some of those restrictions because they wanted to reach out to the environmental lobbies, etc. But even before, even when it was done, a lot of people were saying these are temporary. So, a lot of gas is available globally. You are aware of that. That's why a lot of people want to sign long term thing and the expected point where supplies even more by the end of this year, this is 25, 26, 27, there is more gas, there is more production. And my reading is that we are also moving from a 6 per cent to 15 per cent you know, target in terms of gas and the energy mix. This is all welcome news for India."

Union Minister's statement comes after US President Donald Trump on Monday announced that he will declare a "national energy emergency" to help to bring down prices. "We will drill, baby, drill," Trump said during his inaugural address.

"The inflation crisis is caused by over spending and massive and escalating energy prices that is why I also declare a national energy emergency. America will be a manufacturing nation again and we will have something that no other manufacturing nation will ever have, the largest amount of oil and gas that any country on earth has and we are going to use it," Trump said.

Asked about Memorandum of Understanding (MoU) with Argentina, Hardeep Singh Puri said, "I have told you, we are being, since the last three and a half years, we are in the market for whoever can supply. When I went to Brazil, we are looking at Brazilian assistance in our seismic surveys and offshore. We are today, I have the head of YPF, what's called Argentina National Oil Company is coming to see me."

On Monday, Chairman of the board and Chief Executive Officer (CEO) of the Argentine Oil and Gas Company YPF, Horacio Marin said, "The purpose of our visit is to sign an MoU in India. The main purpose of all that cooperation between both countries is that YPF and Argentina want to sell LNG and also you are interested in lithium. So we can make a good deal between both countries... India is going to be the engineer of the world for the next decade because it has excellent growth and it is a big country in population. India needs a lot of gas in LNG. We can be a supplier of LNG to India." (ANI)