Indian oil minister says oil at $110 a barrel not sustainable

div classBodysc17zpet90 cdBBJodivpDAVOS, Switzerland Reuters – Indias Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of 110 a barrel was not sustainable, as the world faces an energy price crisis which is contributing to rising global inflation.p

pOil prices have surged this year, with Brent crude hitting 139 a barrel in March for its highest price since 2008, after Russias invasion of Ukraine exacerbated supply concerns. [OR]pdivdivdiv classBodysc17zpet90 cdBBJodiv

pAs countries around the world struggle with the impact of inflation on disposable income, Indias Commerce Minister Piyush Goyal said on the same WEF panel that food inflation in the South Asian country was at a “manageable level”.p

pGoyal also said that India was producing enough wheat for domestic consumption, as some countries face shortages due to price rises and problems in getting the grain from major producer Ukraine following Russias invasion. p

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pp Reporting by Aditya Kalra Editing by Alexander Smithp

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