India’s Strategic Oil Policies Mitigate Global Inflation Amid Russia-Ukraine Tensions, Says Jaishankar
In a recent conversation with journalist Lionel Barber in London, External Affairs Minister (EAM) S Jaishankar asserted that India’s shrewd oil and gas purchase policies have played a pivotal role in stabilizing global markets amid the Russia-Ukraine conflict, ultimately aiding in managing global inflation.
Jaishankar explained that India’s strategic approach to oil purchases has been instrumental in preventing a potential surge in global oil prices. He highlighted the significant impact of India’s purchasing decisions on the international stage, especially in contrast to the challenges faced by smaller nations. The EAM emphasized that India’s substantial size and influence allowed it to command respect in the oil and gas markets.
“So we’ve actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation… I’m waiting for the thank you,” Jaishankar stated during the conversation.
The minister detailed the potential scenario if India had not implemented its strategic approach to oil purchases. He argued that if India had entered the market seeking supplies from the same sources as Europe, it would have likely faced higher prices, as Europe outpriced many nations.
“At least India was a big enough country to command some respect in the markets. But there were much smaller countries that didn’t even get responses to their tender inquiries because the LNG suppliers were no longer interested in dealing with them. They had bigger fish to fry,” Jaishankar explained.
The minister’s remarks highlight the diplomatic and economic influence India wields in global affairs, particularly in times of geopolitical tension. While addressing the intricacies of the oil and gas markets, Jaishankar humorously noted, “I’m waiting for the thank you,” indicating the positive impact of India’s actions on the global stage.
As the Russia-Ukraine conflict continues to unfold, India’s strategic decisions in managing the oil and gas markets not only contribute to its economic stability but also position the country as a key player in global affairs.
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