Petroleum Minister Warns: Global Oil Production Could Plummet 8% Annually

• Hardeep Singh Puri warns that stopping investment in existing oil and gas production could lead to an 8% annual decline in global oil output over the next decade.
• This potential decline is equivalent to the combined annual production of Brazil and Norway, highlighting a significant global energy security risk.
• Puri emphasizes that energy transition must balance new sources with existing ones, as history shows energy growth, not just replacement.
• Developing Asia, particularly India, is driving global energy demand, with India's share projected to reach 30-35% by 2050.
• India has protected citizens from high fuel prices, achieved its 20% ethanol blending target by 2025, and is investing in energy sector reforms.

Why It Matters: Petroleum Minister warns of significant global oil production decline if investments cease, stressing balanced energy transition.