S Jaishankar: Through its purchasing policy, India regulated global inflation by softening the oil and gas markets, according to External Affairs Minister S Jaishankar on Wednesday. In an interview with the media at the Indian High Commission in London, Jaishankar stated that the world economy was stabilised by India’s oil purchase policies during the conflict between Russia and Ukraine.
India’s Purchase from Russia Averts Global Price Surge
“Had we not bought oil from Russia, all global oil prices would have gone higher, because we would have gone to the same suppliers and markets that Europe would have done, and Europe would have outpriced us,” Jaishankar said. Giving his thoughts on the matter, Jaishankar stated that India was “big enough” to command “some respect” in the markets during a period when many smaller nations were not receiving answers to their tender questions.
LNG Supplies Shift from Asia to Europe
“We saw that in the Liquefied Natural Gas (LNG) markets where actually many supplies which were traditionally coming into Asia were diverted to Europe. At least India was big enough to command some respect in the markets,” he said. Jaishankar added “There were much smaller countries that didn’t even get responses to their tender inquiries because the Liquefied Natural Gas (LNG) suppliers were no longer interested in dealing with them. They had bigger fish to fry.”
Jaishankar Asserts India’s Role in Softening Global Oil and Gas Markets
Jaishankar said, “We have actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation and people should be saying thank you. I’m waiting for thank you.” Wednesday marked the end of Jaishankar’s five-day journey to the UK, which he called “timely” following a number of meetings with members of different parties. He also emphasised how bipartisan the bilateral ties are between the UK and India.