'Waiting For a Thank You': Jaishankar on India's Oil & Gas Decisions Amid Russia-Ukraine War

Highlighting India’s role in stabilizing the global oil and gas markets amid the Russia-Ukraine conflict, External Affairs Minister S Jaishankar emphasised that India’s strategic purchase policies had a substantial impact on global inflation.

In a dialogue hosted by the High Commission of India in London, titled ‘How a billion people see the world,’ Jaishankar discussed India’s influential position in global affairs.

According to a report in ANI, Jaishankar said: “So we’ve actually softened the oil and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I’m waiting for the thank you.”

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During the interview, Jaishankar said that India’s approach to oil purchases prevented a surge in global oil prices, preventing potential competition with Europe in the market.

“When it comes to the purchase…I think the global oil prices would have gone higher because we would have gone into the same market to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us,” Jaishankar added during the interview, reported ANI.

Talking about the CNG market, Jaishankar said that India noticed that the global LNG market had many suppliers that were traditionally coming into Asia but were diverted to Europe. “In fact, at least India was a big enough country to command some respect in the markets but there were much smaller countries, who didn’t even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them.”

“They have bigger fish to fry,” the foreign minister added.

Jaishankar, in discussing India’s position regarding the Russia-Ukraine conflict, emphasized the delicate balance between principles and interests.

He highlighted the reality that while principles are often articulated, they are frequently influenced by national interests. “We’ve learned through difficult experiences that while people talk about principles, they’re often moderated by our interests. In this specific case, maintaining our relationship with Russia aligns with our significant national interest.”

This conversation occurred as part of Jaishankar’s five-day visit to the UK, held at the Royal Over-Seas League Club and moderated by journalist Lionel Barber.

During the discussion, the External Affairs Minister (EAM) also stressed India’s significant role in reforming global institutions like the G20 and BRICS, describing India’s approach as a blend of evolutionary and revolutionary strategies.

Addressing the audience, EAM Jaishankar highlighted India’s distinctive position within the dynamically changing global landscape.

(With inputs from ANI)