"Price of oil is breaking our back", says Jaishankar; calls for 'softening' up of stressed energy markets

Washington [US], September 27 (ANI): External Affairs Minister S Jaishankar on Tuesday said that developing countries were deeply concerned about how their energy needs would be addressed and added that the soaring oil prices were "breaking our back."
"We have concerns about the price of oil. The price of oil is breaking our back. This is our big concern," Jaishankar said following a meeting with US State Secretary Antony Blinken in Washington.
He added that "there is very deep concern among developing countries about how their energy needs are addressed and energy markets under stress must soften up."
Addressing a joint press conference with US State Secretary Antony Blinken, Jaishankar expressed his appreciation at the strong cooperation that India got from the US on tackling international terrorism, in particular, the listing of wanted terrorists.
"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," Jaishankar said.
Jaishnakar said he and Blinken discussed political coordination, exchanging assessments on collaborating on important regional issues and global challenges. "In this regard, I would specially mention the Ukraine conflict and Indo-Pacific situation," he said.
"Today, I see the 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," he said.
The minister 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," he said.
"I express appreciation at the strong cooperation that we got from the US on tackling international terrorism, in particular, the listing of well-known & wanted terrorists by US sanction process," Jaishankar added.
Jaishankar had met Blinken earlier at the Quad meeting which saw participation from foreign ministers from India, the US, Australia, and Japan.
Speaking at the UNSC briefing on Ukraine 'Fight against impunity', on September 22, Jaishankar had said that the need of the hour is to end the conflict in Ukraine and return to the negotiating table.
Noting that the trajectory of the Ukraine conflict is a matter of profound concern for the entire international community, he said the world has experienced its consequences in terms of higher costs and shortages of foodgrains, fertilizers and fuel.
"This Council is the most powerful symbol of diplomacy. It must continue to live up to its purpose," he said. Jaishankar recalled Prime Minister Narendra Modi's remarks concerning the Ukraine conflict during his meeting with Russian President Vladimir Putin on the sidelines of the SCO summit.
"The trajectory of the Ukraine conflict is a matter of profound concern for the entire international community. The outlook appears truly disturbing. In a globalized world, its impact is being felt even in distant regions. We have all experienced its consequences in terms of higher costs and actual shortages of food grains, fertilizers and fuel. The global south, especially, is feeling the pain acutely. We must not initiate measures that further complicate the global economy," Jaishankar had said.
"That is why India is strongly reiterating the need for an immediate cessation of all hostilities and a return to dialogue and diplomacy. Clearly, as Prime Minister Narendra Modi has emphasized, this cannot be an era of war," he added. (ANI)