Jaishankar’s big announcement amid Iran-Israel war, India’s blunt policy of buying oil from wherever it is cheaper

News India Live, Digital Desk: The increasing tension in the Middle East and the war between Iran and Israel has worried the entire world economy. Amidst the fear of rise in crude oil prices, India’s Foreign Minister S. Jaishankar has given a big statement keeping the interests of the country paramount. He has made it clear that India will not come under any pressure to meet its energy needs. National interest first for India: Jaishankar. During a recent event, External Affairs Minister S. Jaishankar said that despite the global circumstances and war situations, India’s priority is to provide affordable energy to its citizens. He bluntly said, “We will import crude oil from where we can get it at cheap and affordable rates.” This statement has come at a time when there is a threat of disruption in the oil supply chain in the global market. Jaishankar indicated that India will maintain its ‘Strategic Autonomy’ and will not succumb to sanctions or international pressure from any country. Iran-Israel conflict and oil marketThe increasing tension between Iran and Israel has a direct impact on the international oil market. Since Iran is a large producer of oil and the region is close to major maritime trade routes (such as the Strait of Hormuz), there is a fear that crude oil prices could exceed $100 per barrel in the event of war. India imports more than 80% of the oil it needs, so even a slight increase in prices can be heavy on the Indian economy and the common man’s pocket. After Russia, who should we keep an eye on? Earlier, during the Russia-Ukraine war, India had bought cheap crude oil in large quantities from Russia, bypassing the pressure from western countries. It is clear from this latest statement of Jaishankar that India is sticking to its old policy. Be it Russia, Gulf countries or any other source, India will be looking for the ‘best deal’ to keep its economy stable.