India’s oil consumption and imports are likely to resume their upward trajectory as the economy opens up, after a temporary drop due to the pandemic. To secure its energy needs, the country should shift course from investing in oil and gas assets of emerging economies to those of developed nations. The oil-rich Organisation for Economic Co-operation and Development (OECD) countries, such as Canada, Norway, and the U.S. can be given special consideration.
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Saudi Arabia hosted the G20 Summit on 21-22 November, this year. A strategy to protect the global economy, which is the heart of the G20’s existence, was reflected in the updated G20 Action Plan, a clear by-product of the effect of the COVID-19 pandemic. Beyond the immediate, is the plan for a resilient and long-lasting recovery.
The UN turned 75 this year but instead of grand celebrations, the world witnessed an empty UNGA with world leaders addressing it via video screening because of the pandemic. The UN is under unprecedented stress and being shown up for its inability to tackle the challenges of today like the pandemics, climate change, terrorism or global peace and security. The institution's key governing structures, especially the UN Security Council, are inadequate and demand reform. India must now use gritty resolve to ensure its place in these governing structures.
Prince Salman’s accession to the throne after the death of Saudi King Abdullah on 23 January 2015 has been a game changer, both domestically and in West Asian politics. Within days, he sidelined rivals within the House of Saud, and took on Iran with a confrontational policy. But two years later, the results of his new strategy disappoint
OPEC’s announcement of a cut in oil production shows that Saudi Arabia is being affected by low oil prices even as Iran gains ground
On 14 December, Saudi Arabia announced the formation of an anti-terrorism coalition of 34 Islamic countries. But with key potential partners such as Algeria, Lebanon, and Pakistan refusing to join, the hastily-assembled group has put Saudi credibility in the spotlight instead of deflecting western criticism of the kingdom’s inaction against Sunni jihadism
The GCC finds itself engulfed by a perfect storm – due to the oil price fall and the re-emergence of Iran on the world scene. While the GCC is forced to undertake politically challenging reforms and confront the regional challenge of Iran, there lies a great opportunity for India to strengthen their economic as well as security ties.
The jobs of 6.5 million Indians working in GCC countries could be at risk due to the fall in global oil prices. Securing the interests of these workers should be on Prime Minister Modi’s agenda when he visits UAE on August 16-17
The oil-rich GCC countries are starting to show signs of financial stress maintaining high defense and social spending while the price of oil remains low
The last ten years had signalled the Saudi intention of building closer relations with India based on their immense crude oil resources and India’s growing market and skill sets. With a new king on the throne and the on-going turmoil in West Asia it is in New Delhi’s interest to initiate high-level visits with Riyadh as soon as possible