The BRICS meeting in Delhi discussed energy security amid tensions in West Asia. Member countries agreed to work together to ensure the smooth flow of global energy supply, trade, and supply chains.
During the meeting, the BRICS countries expressed their agreement to work together to maintain the smooth flow of global energy supply, trade, and supply chains.
This meeting took place at a critical time when crude oil prices have become volatile due to tensions in West Asia.
This week, crude oil prices in the international market briefly crossed the $108 per barrel mark, increasing concerns in global economies.
This sudden surge in oil prices was seen due to fears of disruption in the movement of ships and supply in the region. This has created new economic challenges for countries worldwide.
In a press briefing held after the meeting, Sudhakar Dalela, Secretary in the Ministry of External Affairs (MEA), provided information on the outcomes of the meeting.
He stated that detailed discussions were held on the current situation in the Middle East and issues related to energy supply.
Sudhakar Dalela said, "The issue of energy security came up in the context of the Middle East. A very important track on energy cooperation is functioning within BRICS."
He emphasized that to maintain the smooth flow of global trade and energy supply, all member countries must make concerted efforts within the framework of international laws.
This stance from BRICS comes at a time when the risk on the world's major energy supply routes has significantly increased.
Ongoing disruptions around the Strait of Hormuz have directly affected the movement of oil and gas.
Furthermore, the possibility of potential disruptions in a key maritime route like Bab al-Mandeb by Iran-backed Houthi rebels has also heightened global concern. These events can have a direct impact on energy supply and its prices.
BRICS leaders emphasized that energy security is not just an economic necessity but a critical issue linked to the overall development of nations.
The leaders believe that a stable energy supply is essential for social and economic development, national security, and the welfare of the general public. For this reason, they stressed the need to maintain stability in the energy market.
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