'Waiting For The Thank You': Jaishankar Says India's Purchase Policies Softened Oil Markets

S Jaishankar has said that the oil purchase policies in India have helped in the softening of the oil and gas markets and managed global inflation.

External Affairs Minister S. Jaishankar has said that the oil purchase policies in India have helped in the softening of the oil and gas markets and managed global inflation, but he is still "waiting for a thank you". Speaking on oil purchases, Jaishankar said that there were much smaller countries that did not even get responses to their tender inquiries because the LNG suppliers were no longer interested in dealing with them.

Speaking at an event titled 'How a billion people see the world' in London, Jaishankar said, "When it comes to the purchase of oil...In fact, at least India was a big enough country to command some respect in the markets, but there were much smaller countries that didn't even get responses to their tender inquiries because the LNG suppliers were no longer interested in dealing with them; they have bigger fish to fry. So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation... I'm waiting for the thank you."

In June 2022, speaking at the GLOBSEC 2022 Bratislava Forum in Slovakia, Jaishankar talked about India purchasing Russian oil, saying why is it only India funding Russia with oil purchases and not Europe funding Russia by purchasing gas.

“Understand the oil market; there is an enormous shortage of oil; there is a physical shortage of oil; access to oil is difficult; a country like India would be crazy to get the oil from somebody else and sell it to somebody else; this is nonsense," the EAM had said. "Europe has to grow up out of the mindset that Europe's problems are the world's problems, but the world's problems are not Europe's problems; it is you; it's yours; it is me; it's ours," he added, as per ANI.

“Europe is buying oil, Europe is buying gas, a new package of sanctions is designed in such a way that consideration has been given to the welfare of the population, pipelines have carveouts, and if you can be considerate to yourself, you can be considerate to other people. If Europe says that if we have to manage it in a way that the impact on the economy is not traumatic, that freedom should exist for other people as well," he said.