North India Statesman
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News India Live, Digital Desk: The increasing tension in the Middle East and the war between Iran and Israel have worried the entire world economy. Amidst the fear of rise in crude oil prices, India’s Foreign Minister S. Jaishankar has given a big statement keeping the interests of the country paramount. He has made it clear that India will not come under any pressure to meet its energy needs.
National interest comes first for India: Jaishankar
During a recent program, Foreign Minister S. Jaishankar said that despite the global circumstances and war situations, India’s priority is to provide affordable energy to its citizens. He said bluntly, “We will import crude oil from where we can get it cheaply and at affordable rates.”
This statement has come at a time when there is a danger of disruption in the oil supply chain in the global market. Jaishankar indicated that India will maintain its ‘Strategic Autonomy’ and will not succumb to sanctions or international pressure from any country.
Iran-Israel conflict and oil market
The increasing tension between Iran and Israel has a direct impact on the international oil market. Since Iran is a large producer of oil and the region is close to major maritime trade routes (such as the Strait of Hormuz), there is a fear that crude oil prices could exceed $100 per barrel in the event of war. India imports more than 80% of its oil needs, so even a small increase in prices can be heavy on the Indian economy and the common man’s pocket.
After Russia, who are you eyeing now?
Earlier, during the Russia-Ukraine war, India had bought cheap crude oil from Russia in large quantities, ignoring the pressure from western countries. It is clear from this latest statement of Jaishankar that India is sticking to its old policy. Be it Russia, Gulf countries or any other source, India will be looking for the ‘best deal’ to keep its economy stable.
