Energy Crisis Driven by Supply Shocks, Says India's Jaishankar

Atlanta: Foreign Minister S. Jaishankar on Friday told a G20 gathering that the current energy crisis is being driven less by a lack of production and more by instability, supply interruptions, steep costs and restricted access. He made the remarks at the second plenary session of the G20 Foreign Ministers' Meeting in Atlanta, United States.

In a post on X, Jaishankar described deliberate attacks on energy trade and infrastructure as a coordinated tactic to keep energy prices under pressure. "Deliberate attacks on energy trade and energy infrastructure are a well-planned strategy to hold energy prices hostage," he wrote.

He said energy markets are being repeatedly unsettled by blockades, sanctions and disruptions along strategically significant sea lanes. Such episodes, he added, are becoming more frequent, and their complexity and reach are widening.

Jaishankar voiced particular worry about low-income nations. He suggested their hardships and needs are not being given enough weight in global discussions.

He also questioned the selective treatment of oil and gas, saying that different exemptions for the two fuels reveal a great deal. He did not name any country or specify which exemptions he had in mind.

He warned that disruption in one part of the global market inevitably spreads to others. In an interconnected world, the wider consequences of energy supply problems cannot be underestimated, he said.

Turning to India, Jaishankar said the country needs a trustworthy and predictable supply of LPG to meet its clean cooking requirements. Energy security, he stressed, is about availability and continuity of supply, not merely higher output.

He also pointed to India's National Critical Minerals Mission, which spans everything from mineral exploration to recycling. At the G20, India has proposed an initiative to promote circularity in critical minerals, focusing on recycling and reuse.

Calling on G20 members to act with wisdom and leadership, he urged them to keep energy markets open and predictable. He also emphasised the need to widen access to financing for the energy sector and to advance energy storage, small modular reactors, green hydrogen and biofuels.

The two-day meeting, hosted by US Secretary of State Marco Rubio, is set to end on Saturday.