India concerned over spike in oil price; it is 'breaking our back': Jaishankar

External Affairs Minister S Jaishankar on Tuesday (September 27) said India is concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is “breaking our back.”

Addressing a joint press conference with US Secretary of State Antony Blinken in Washington after holding bilateral talks, Jaishankar said there is a very deep concern among developing countries about how their energy needs are addressed.

Speaking about the Ukraine war, he said: “We have taken the position privately, publicly, confidentially and consistently that this conflict is not in anybody’s interest.”

Also read: Will stop global oil supplies if G-7 price cap unfair: Russian envoy

The best way forward is to return to dialogue and diplomacy, he said.

“Look, we have concerns about the price of oil but we are a USD 2,000 per capita economy. When the price of oil is breaking our back and it’s our big concern,” he said.

Our conversation covered the Ukraine conflict, its fuel-food-fertilizer implications, the Indo-pacific, resilient supply chains, climate change, Agenda 2030 , mobility, trusted research and G-20.

Thank @SecBlinken for his warm reception and many courtesies.

— Dr. S. Jaishankar (@DrSJaishankar) September 27, 2022

Jaishankar was responding to a question on a cap on Russian oil.

“In the past whenever we have been able to contribute something, we have been open to it,” he said.

“Right now there are some issues,” he said.

“You have to understand that in the last few months the energy markets are already under very great stress. Countries in the global south have found it difficult to compete for limited energy, not just in terms of escalating pricing but often in terms of availability.”

Also read: Bullish sentiment on India on clear display: Jaishankar

“Our concern right now is that energy markets already under stress must soften up. We would judge any situation frankly by how it affects us and other countries in the global south. There is a very deep concern among developing countries about how their energy security needs are addressed or not,” Jaishankar said.

India’s crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10% of all crude bought from overseas.

Russian oil made up for just 0.2% of all oil imported by India prior to the Ukraine war.

The Western countries are gradually bringing down their energy purchases from Russia following its attack on Ukraine.

With sanctions imposed by western nations making a scant impact on Russia, the G-7 countries and the European Union have mooted an oil price cap on Russian crude and refined products to limit Kremlins revenues.