Energy security is a big concern but potential resources available in Iran, Venezuela: NITI Aayog

The new vice chairman of NITI Aayog Suman Berry on Tuesday said energy security is a big concern but potential resources are available in countries like Iran and Venezuela.

He said it is not in India’s interest for inflation to return to the levels it used to be in the 1970s.

"You may want to link what is happening to the price of oil to conflict or sanctions but the fact of the matter is that we have been here before — we have been at $20 per barrel before and we know how to deal with it," Berry said.

"Gas is a slightly different issue because it is less mobile in the world. We should remind ourselves that there are potential sources of oil available in Iran, and Venezuela which could come into the global pool as well. So I am not really sure that there is too much that G20 would do in this area," he added.