External Affairs Minister S Jaishankar on Tuesday raised concerns on the price of oil, saying the price of the essential commodity was breaking India's back. Addressing a joint press conference with US Secretary of State Antony Blinken, Jaishankar also said there was a "very deep" concern among developing countries about how their energy needs were addressed.
"We are a USD 2,000 per capita economy. We've concerns about the price of oil. The price of oil is breaking our back. This is our big concern," ANI quoted Jaishankar as saying.
"Energy markets under stress must soften up. We'd judge any situation by how it affects us and other countries global south. There is a very deep concern among developing countries about how their energy needs are addressed or not," he further said.
READ | US Very Much Open To Engaging With India Today, Bullish About The Relationship, Says Jaishankar
India, the world's third-biggest oil importer and consumer, was the number one purchaser of US oil in 2021 for the first time.
India has become one of the biggest importers of cheap Russian oil since the invasion of Ukraine to provide relief from inflation and a record trade deficit, Bloomberg reported. Russia is the country's second biggest oil supplier after Iraq.
At the press conference, Jaishankar said US was very much open to engaging with India today than ever before and he was bullish about the relationship between the two countries, ANI reported. Antony Blinken said the partnership between the two nations was "one of most consequential in world".
"Today, I see US which is very much open to engaging with India, thinking beyond traditional alliances...QUAD working very well today, grown remarkably now. For us, today our relationship with the US opens a whole range of possibilities....I am bullish about the relationship," the Foreign Minister said.
The Foreign Minister said India and the US have strong interest in encouraging more resilient and reliable supply chains.
"India and US have a strong interest in encouraging more resilient and strong supply chains, and this requires policy decisions as well as practical measures involving business communities. We are focused on this," he said.
"Our national, economic, technological security are all enhanced by closer collaboration...There is keen interest in India's National Education Policy and we will explore how that can be used best to expand our partnership," Jaishankar further said.
In his address, Blinken said the leaders talked about ways to further strengthen the strategic partnership between the two countries and advance shared objectives.
"Partnership between our countries -- India and US -- is one of most consequential in world. It is vital to address every global challenge that people face. No two countries have a greater ability, opportunity and responsibility to try to shape the future," he said.
"With India holding the presidency at the UNSC in December and taking over the presidency at G20 next year, will be able to drive more global cooperation and action together," Blinken further said.