Spike in oil price breaking India's back

Washington: India is deeply concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is "breaking our back," External Affairs Minister S Jaishankar has said.

Addressing a joint press conference with US Secretary of State Antony Blinken after holding bilateral talks, Jaishankar on Tuesday 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." 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 $2,000 per capita economy. When the price of oil is breaking our back and it's our big concern," he said. Jaishankar was responding to a question on a price cap on Russian oil as initiated by the G7 countries. "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." "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.