Puri was addressing the 12th Public Sector Enterprises (PSE) Summit, organised by Confederation of Indian Industry (CII) in New Delhi.
"Today more production is coming on the global market from the Western Hemisphere. Brazil, Guyana, Canada and the US are adding more production and with more and more oil coming, one expects as a result that the market situation will calm," he said.
He highlighted the major reforms in the Exploration and Production (E&P) sector, which have opened up significant new areas for oil and gas exploration.
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