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

Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Monday that global oil prices will ease if there is no further geopolitical escalation in future.

The recent drone attack on Saudi Arabia's Aramco oil processing facilities was the biggest in 50 years, resulting in stoppage of about 5 million barrel supplies.

"Due to this, oil prices surged by 8 to 9 dollars per barrel. If there is no geopolitical escalation in the future, then they will ease," said Pradhan while a conference organised by Confederation of Indian Industry (CII).

Global oil prices surged by more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities knocked out more than five per cent of global oil supply.

Pradhan business leaders to invest in new technologies to yield energy from biomass.

"It has been said that 600 million metric tonnes non-fossils biomass is available in the country in the form of residue, municipal waste and forest waste. According to research, we will be able to yield at least five per cent of ethanol or biogas," he said.

India meets almost 84 per cent of its oil needs through imports and ranks as the world's third biggest oil importer.

-ANI