The West Asia crisis is not over and has the potential to exacerbate, said Hardeep Singh Puri, Union Oil Minister at the Public Affairs Forum of India’s annual conclave here Thursday.

He added that notwithstanding the prevailing situation, a potential silver lining is the abundant availability of crude oil in the global market.

“The crisis is certainly not over; it is not only ongoing, but it has the potential of exacerbating. In other words, it could get more serious,” he said.

Highlighting that global crude availability remains higher than current demand; he said around 102 million barrels per day (mb/d) of crude oil is available in the market, while India’s domestic requirement is estimated at 94-95 mb/d.

The Union Minister also ruled out restricting exports amidst tightened market conditions.

Speaking in a broader context separately, Mr. Puri said that a return of stability could help keep crude prices under control. “I am hoping with all the counsels of peace around the world, peace will come and the price of oil should be lower rather than higher,” he said.

Mr. Puri, responding to a query, said that while India does not require foreign investment to drive its refinery expansion, there has been interest from overseas investors in the sector.

“You do not need it but yes they want to come in,” he said, explaining further, “Nobody wants to come and invest unless they can get a slice of your growing downstream market. So, you want to be very clear.”

The oil minister mentioned the cost of building a refinery ranges between ₹78,000-80,000 crores.