India's Strategic Oil Moves: Awaiting the Global 'Thank You

The world of geopolitics and global economies, the intricate dance of oil prices often dictates the fate of nations. External Affairs Minister S Jaishankar has boldly asserted that India deserves a collective "Thank You" from the international community for its crucial role in stabilizing the global oil and gas markets amid the Russia-Ukraine war. Let's delve into the reasons behind Jaishankar's statement and why India's actions merit recognition.

The Oil Market Symphony

To comprehend India's pivotal role, one must first recognize its standing as the third-largest crude oil consumer globally, trailing only the United States and China. Unlike the U.S. with abundant domestic resources and China strategically acquiring global oil and gas assets, India lacks such luxuries. The nation neither boasts significant overseas oil and gas assets nor substantial domestic production.

India's economic prowess, rapidly propelling it to the position of the world's fifth-largest economy, comes with an energy conundrum. More than 87.5% of its annual energy requirements are met through imports. In the absence of a diversified energy portfolio, India is heavily dependent on external sources.

Diversification: The Key to Resilience

Jaishankar rightly points out that had India solely relied on the traditional energy sources, particularly those from the Middle East, the world would have grappled with a severe supply crunch. Gulf-based suppliers, responding to the basic economic principle of high demand and low supply, would have unquestionably hiked prices. The specter of skyrocketing oil prices loomed large.

Hever, India's strategic approach, breaking away from dependence on a single region, played a vital role in averting this crisis. The country's wise decision to diversify its sources led it to explore oil partnerships with Russia, a move that paid dividends during the Russia-Ukraine conflict. By purchasing crude from Russia, India not only ensured a stable supply but also prevented the international oil prices from spiraling out of control.

Global Impact of Indian Policies

Jaishankar's claim that India softened the oil and gas markets through its purchase policies is not an exaggeration. By keeping international oil prices within the $85-95 per barrel range, India's actions had a ripple effect globally. Nations advocating sanctions against Russia had to acknowledge the pragmatic dynamics at play. India's move not only safeguarded its own economic interests but also contributed to global stability by preventing an inflationary surge triggered by soaring oil prices.

Awaiting the Gratitude

In the context of India's significant role in stabilizing global oil markets, Jaishankar's statement becomes more than a diplomatic plea for acknowledgment. It is a reminder that in the intricate web of international relations, each nation's actions reverberate globally. India, as a responsible player, has played its part in maintaining equilibrium during challenging times.

As the external affairs minister aptly puts it, India is now patiently waiting for the world to say "Thank You." In a world where geopolitical maneuvers often go unnoticed, India's strategic oil moves deserve recognition and gratitude. The global community, particularly those who may have questioned or overlooked India's choices, should take a moment to acknowledge the nation's contribution to stabilizing the tumultuous seas of international oil and gas markets.