Jaishankar has a strong message for oil gatekeepers

External Affairs Minister S Jaishankar addressed the G20 foreign ministers meeting in Atlanta, urging for stable and open energy markets. He criticized disruptions to global oil supplies due to sanctions and chokepoints, likening them to deliberate attacks on trade and infrastructure. Jaishankar emphasized that the world is facing an energy crisis driven by unpredictability, supply disruptions, high costs, and access difficulties.

He stressed the need for understanding and leadership from the G20 to maintain predictable and stable energy markets, highlighting that such distortions are occurring with increasing frequency, complexity, and impact, often disregarding the challenges faced by low-income countries. Jaishankar also noted the US move to seek a deal with Russia on diesel imports and highlighted India's temporary waiver to continue purchasing crude from Moscow.

He stressed the importance of reliable and predictable liquefied petroleum gas supplies for India's clean cooking needs. Jaishankar reiterated that the globalized market's knock-on effects and mutual dependence cannot be underestimated and called for reliable and predictable energy supplies. He also proposed a G20 Critical Minerals Circularity Initiative and emphasized the need for access to finance and advancements in storage, small modular reactors, green hydrogen, and biofuels.

Jaishankar cautioned against tactical calculations overriding concerns about terrorism, particularly in light of the US administration's efforts to establish closer ties with Pakistan. He also highlighted the issue of attacks on seafarers, stressing the need to preserve freedom of navigation and ensure cessation of such attacks within the framework of international law.