Oil prices likely to stay around $65 a barrel, says oil minister

Minister for petroleum and natural gas Hardeep Singh Puri on Friday said that crude oil prices are likely to stay near $65 per barrel due to the ample supply of oil in the global market.

- Rituraj Baruah

Speaking at the CII Annual Business Summit 2025, the minister said that high production is weighing on the oil market. "There are enough supplies in the market. I see global prices, and here I am, very careful, 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," he said.

He noted that though there have been disruptions due to geopolitical tensions, the prices have not surged as the market is aware that supplies are adequate. Puri said that economies with strategic reserves would want to fill them up when the price is low.