India’s strategic purchase policies for oil, gas had substantial impact on global inflation: S Jaishankar

The external affairs minister (EAF) S Jaishankar affirmed that India’s key role in stabilising the global inflation amid the Russia-Ukraine conflict had a significant impact in softening global oil and gas markets which further helped in managing global inflation. 

While the sanctions were imposed on Russia’s oil exports since the Russia-Ukraine war, Indian refiners were snapping up discounted Russian oil.

“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,” Jaishankar highlights.

He underscored that India’s diligent strategic purchase policies for oil and gas markets had a substantial impact on global inflation.

During a discussion hosted by the High Commission of India in London, titled ‘How a billion people see the world, Jaishankar glorified India’s influential position in global affairs.

The discussion took place during Jaishankar’s five day visit to the UK held at the Royal Over-Seas League Club.

He highlighted India’s meticulous strategy to restrain the global oil prices from snowballing controlled global inflation.

“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,” he adds.

The external affairs minister said that India noticed in the LNG market that the numerous suppliers which were traditionally coming into Asia but were diverted to Europe.

Jaishankar states, "When it comes to the purchase of oil...In fact, at least India was a big enough country to command some respect in the markets but there were much smaller countries that didn't even get responses to their tender inquiries because the LNG suppliers were no longer interested in dealing with them.”

“They have bigger fish to fry,” he expressed.

While discussing India’s position in regard to the Russia-Ukraine conflict, Jaishankar accentuated the delicate balance between principles and interests.

“We’ve learned through difficult experiences that while people talk about principles, they’re often moderated by our interests. In this specific case, maintaining our relationship with Russia aligns with our significant national interest,” he stresses.

While addressing the audience, the EAM Jaishankar highlighted India’s distinctive position with the dynamically changing global landscape.