Gist of Editorials: Gulf Crisis, India’s Stakes | GS – II


Relevance :  GS Paper  II


Theme of the Article

By destabilising regions that supply oil and gas, US is keeping Rising Asia off-balance.

Introduction

The geography, politics, security and stability of West Asia over the past century have always been about oil.

The Recent Shift

With US becoming energy self-reliant, its focus has shifted to retaining control over the sources of supply.

Oil Supply Disruption and Asian Economy

  • Asian economies depend critically on Gulf oil.
  • India’s dependence on imported oil has risen sharply.
  • Destabilization of the market is hurting several developing countries.
  • US hostility towards Venezuela and Iran is causing supply constraints.
  • Regime change in Venezuela is also impacting the supply of oil
  • After Sunni, US has been seeking to secure control of the oil exporting Shia world.

What lies ahead for India?

  • Any denial of access to new sources of energy or any increase in the cost of energy can only hurt India’s growth prospects.
  • India has a stake in ensuring peace and stability in the Persian Gulf.
  • India can diversify its sourcing of oil and reduce its dependence on Iranian oil.
  • If US is insensitive to India’s concerns, India will have to seriously rethink its foreign policy options.

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