Oil Minister Hardeep Singh Puri said on Friday that there is enough crude oil supply coming into the market and that prices will play around $65 per barrel.

“There are enough supplies in the market. I see global prices to be in the range of $65 per barrel. My sense is that prices will hold. Supplies becoming available, the prices will be close to $65 a barrel,” Puri said during his address at the CII’s Annual Business Summit, 2025.

He said more crude oil will be available in countries like Brazil, Guyana, Suriname, Canada, and Argentina.

Speaking to reporters on the sidelines on possible reduction in retail prices of petrol and diesel, the Minister said, “If prices remain like this, then going forward these are the things which you can legitimately expect.”

India as refining hub

Stating that India will be one of the refining hubs, Puri said the trend was towards the emergence of big refining hubs instead of teapot refineries. India’s refining capacity currently stands at 260 million tonnes per annum (mtpa), and is expected to reach 309.5 mtpa by 2028, he said.

India has the potential to become a refining hub, he opined.

The Minister also exuded confidence in India’s push to oil and gas exploration and production (E&P) in a bid to enhance domestic production and reduce imports.

Over 1 million square kms of sedimentary basins, previously marked as ‘no-go’ zones, have now been opened for exploration, he noted.

This has resulted in over 37 per cent of bids under the Open Acreage Licensing Policy (OALP) coming from these newly-opened areas, Puri said.

He highlighted the progression towards a cleaner, more secure energy future, driven by policy reforms in exploration and production activities, natural gas infrastructure expansion, and strong targets for biofuels and green hydrogen.

On the recently passed Oilfields (Regulation and Development) Amendment Act, 2025, Puri emphasised that India has taken a leap in ease of doing business in the exploration and production activities, with the introduction of a single permit system.

Published on May 30, 2025