India Emphasizes That Shipping Chaos, Not Supply, Is Driving High Oil Prices

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India’s oil minister Hardeep Singh Puri says high oil prices reflect disrupted trade routes and elevated freight costs rather than a global supply shortage. He says global production is about 104 million barrels per day, while shipping bottlenecks are driving up the cost of moving oil.

Oil prices are high not because the world is short on oil but because the trade routes have been severely disrupted, driving up freight and other costs, India’s Oil Minister Hardeep Singh Puri said.   “There's no supply shortage in the world. The world has 104 million barrels of oil a day. It's only that the supply routes are choked and freight charges and others are high, and that's higher prices,” Puri told reporters on the sidelines of an event, as carried by Indian media. Currently, global oil consumption is running below…