New Delhi, Feb. 14 -- Amid uncertainties in the energy market in the past few years due to geopolitical tensions, Hardeep Singh Puri, the Union minister for petroleum and natural gas, said there is a need to ensure predictability and stability in the oil market and prices of the commodity. He noted that the current price level of around $74 per barrel is good for India, but given that it is a major consumer, a price rationalization to $70 would be even better. Amid geopolitical tensions and the Opec+ grouping's persistent output cuts, Puri said that no single country can drive prices independently in the current scenario.

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Russia was producing the amount it is producing much before the Russia-Ukraine issue took place. Wh...