Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Rising Oil Prices Due To Russia-Ukraine War Is Worrying For India: Jaishankar

Jaishankar said there is a deep concern among developing countries about how their energy needs will be met

Photo Credit :

1592485761_Lbly5L_Subrahmanyam_Jaishankar.jpg

External Affairs Minister S Jaishankar said on Tuesday that India, with a per capita income of USD 2,000, is worried about rising oil prices due to the Russia-Ukraine conflict and it is breaking our back.

In a joint press conference after meeting with US Secretary of State Antony Blinken, Jaishankar said there is a deep concern among developing countries about how their energy needs will be met. Currently, Brent crude is trading above the level of USD 85 per barrel. This level of prices has been seen after the sharp fall after the fear of recession.

Regarding the Ukraine war, he said, we have taken a private, public, confidential and consistent position that this conflict is not in anyone's interest. He said that the best way is to return to dialogue and diplomacy. "We are worried about the price of oil, but we have a USD 2,000 per capita economy," he said. The price of oil is breaking our back and this is our biggest concern. Responding to a question about India buying military equipment from Russia, Jaishankar said, "From where do we get our military equipment, it is not an issue, whatever the issue is, it has changed due to geo-political circumstances."

Currently, there is a fall in the prices of crude oil. But Brent crude is currently trading above the level of USD 85 per barrel. It has seen a decline of more than 1 percent during Tuesday's trading. On the other hand, WTI crude has reached below the level of USD 80 per barrel.

The current fall in crude oil prices has been seen due to the signs of recession across the world. However, with the fall in prices, there has been an apprehension that oil producing countries may control the supply of oil to stop the fall.


Tags assigned to this article:
oil prices s jaishankar Russia-Ukraine War