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“I am waiting for Thank You”: S Jaishankar On India Softening Oil Markets
Asserting India’s role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed “global inflation”. During a conversation hosted by the High Commission of India in London, titled ‘How a billion people see the world,’ Mr Jaishankar discussed India’s impactful position in global affairs.
EAM Jaishankar said, “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.” The minister explained that India’s approach to oil purchases prevented a surge in global oil prices, preventing potential competition with Europe in the market.
He elaborated, “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.”
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