Straight Talk | From Ukraine To Iran War: India Has Learnt To Handle Energy Crises

Sanbeer Singh Ranhotra

The comparison between 2022 and today is instructive, though the crises themselves are quite different in nature

When global oil markets go into crisis mode, most large importing nations reach for the same limited toolkit—import rationing, emergency stockpile releases, or simply passing the pain on to consumers through higher pump prices. India, under the Modi government, has developed a different instinct. Absorb the shock at the governmental level, protect the pump price, and buy time while the diplomacy works. It has now done this twice in four years under very different conditions, and the results in both cases have held.

Russia Delivers Over 450 Tonnes Of Medicines And Relief Supplies To Iran Amid War

Putin says Armenia can't be both member of EU and Russia-led economic bloc

From War To Leverage: Has Iran Emerged Stronger From The Ceasefire?

Iran Says Ready To Sustain War For 'At Least Six Months' As Trump Signals West Asia Exit

The comparison between 2022 and today is instructive, though the crises themselves are quite different in nature. After Russia invaded Ukraine in February 2022, international crude prices surged past $130 per barrel. As a result, Moscow began offering steep discounts on its Urals crude to allies like India.

New Delhi moved quickly to take advantage. Prior to the war, Russia supplied less than 2 per cent of India’s crude imports. By the end of 2023, that share had risen to nearly 40 per cent. India saved an estimated $5.1 billion........

© News18