External Affairs Minister S. Jaishankar has strongly condemned the disruptions to global oil supplies caused by sanctions and critical transit chokepoints. He stated that these deliberate attacks on energy trade and infrastructure represent a calculated strategy to manipulate prices. His comments were made during the G20 Foreign Ministers’ Meeting held in Atlanta on Friday.

Jaishankar articulated that the world is grappling with an energy crisis that is not a result of insufficient production but rather due to unpredictability, supply interruptions, exorbitant costs, and challenges in accessibility. This statement comes in the context of ongoing US sanctions on Iranian oil, disruptions in energy supplies from West Asia, and the recent decision to lift sanctions on Russian diesel.

In a post shared on X, Jaishankar reiterated his concerns regarding how targeted actions against energy trade and infrastructure are being employed to keep energy prices at the mercy of market fluctuations. He emphasised that the G20 must demonstrate both understanding and leadership to ensure that energy markets remain open and predictable.

Call For Greater G20 Cooperation

During the meeting, which was convened by US Secretary of State Marco Rubio, Jaishankar pointed out that energy markets are increasingly being distorted by sanctions, chokepoints, and various obstacles. He noted that these issues have broader implications and often overlook the challenges faced by low-income countries.

Jaishankar also remarked on the convenient distinctions being made between oil and gas, suggesting that these selective exemptions are telling. He stressed that the broader impacts of such measures, as well as the interdependence of nations in a globalised market, should not be underestimated.

He reaffirmed India’s need for reliable and predictable supplies of liquefied petroleum gas (LPG) to meet its clean cooking requirements. This highlights the importance of stable energy supplies for developing nations, which often face greater vulnerabilities in the current market landscape.

Focus On Critical Minerals And Emerging Technologies

In addition to addressing energy supply issues, Jaishankar highlighted India’s National Mission on critical minerals, which encompasses the entire process from exploration to recycling. He mentioned that India has proposed a G20 Critical Minerals Circularity Initiative aimed at enhancing cooperation in this vital area.

Jaishankar further advocated for the G20 to expand access to financing and support advancements in energy storage, small modular reactors, green hydrogen, and biofuels. He underscored the necessity for collaborative efforts among G20 nations to tackle these pressing energy challenges.

His remarks underscored the urgent need for open and predictable energy markets, reliable supplies for developing countries, and enhanced cooperation within the G20 on finance, critical minerals, and emerging energy technologies. The minister’s statements reflect a growing recognition of the complexities surrounding global energy security and the need for collective action to address them.

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