Indian FM says energy markets are under serious pressure

WASHINGTON, Sep 27 – PRIME India believes that energy markets have been under serious pressure in recent months, in connection with which it conveyed its concerns to the American side, Foreign Minister of the South Asian country Subrahmanyam Jaishankar said on Tuesday, commenting on the initiative to introduce a “price ceiling” on oil from the Russian Federation.

“It is important to understand that the energy markets are already under tremendous pressure. The countries of the southern hemisphere have already experienced difficulties in accessing limited energy resources – both in terms of price and in terms of availability,” Jaishankar said during a press conference with US Secretary of State Anthony Blinken.

Thus, the Indian minister avoided a direct answer to the question of whether his country supports joining the initiative proposed by the G7 group to limit the marginal cost of Russian oil.

“We will judge how this situation will affect us and other countries in the southern hemisphere,” Jaishankar said, adding that he had already conveyed New Delhi’s concerns on this issue to the American side.

The minister also said that India is concerned about the possible impact of the initiative of the G7 countries to introduce a “price ceiling” for oil from the Russian Federation on the cost of energy in global markets.

“Look, we have concerns about oil prices. We are an economy with a GDP per capita of $2,000. The cost of oil hits us hard. And this is our serious concern,” Jaishankar said during a press conference with US Secretary of State Anthony Blinken.