New Delhi: External Affairs Minister S. Jaishankar has sharply criticised efforts to disrupt global oil supplies through sanctions and the blockade of vital transit routes, warning that the world’s energy woes stem not from a shortfall in production but from uncertainty, disruption and unaffordable prices. Speaking at a meeting of G20 foreign ministers, he accused certain countries of deliberately targeting energy trade to keep prices under their control, even as US Secretary of State Marco Rubio looked on.
The remarks carry added weight given the current backdrop of US sanctions on Iranian oil sales, interruptions to energy supplies from West Asia and curbs on Russian diesel exports. Describing the present situation as a crisis of availability and affordability, Jaishankar said the global community cannot afford to underestimate the principle of interdependence in international markets.
Outlining India’s concerns, the minister said the country needs reliable LPG supplies to meet household cooking needs. He urged G20 nations to broaden access to financial resources and to promote small modular reactors, green hydrogen and biofuels as part of the transition to more secure energy sources.
Ruling out force as a remedy, Jaishankar said military solutions would not yield results in tackling such challenges and urged members to give diplomacy a chance. He expressed serious concern over attacks on ships and seafarers along key oil transit routes, stressing that safeguarding freedom of navigation and halting such attacks are essential under the UN Convention on the Law of the Sea (UNCLOS).
He warned that the attacks also indirectly threaten the availability of energy, food and fertilisers, underlining the wider economic stakes for countries around the world.