As crude oil prices rally back above $30 per barrel, the chairman of India's Vedanta Resources told CNBC that the only way for the commodity was up.



"Definitely we are at the bottom, but in India a lot more has to happen. The (new) Modi government has come and people have a lot of expectations. The sense of urgency has come," Anil Agarwal, the group chairman of the London-listed commodities giant told CNBC on Friday from the World Economic Forum in Davos, Switzerland.

Agarwal added that low prices were "hurting everybody," but that Vedanta was advantaged by being diversified across commodities including oil, copper, iron ore and aluminium.

