Courtesy: Council on Foreign Relations
The absence of panic in the energy markets despite the renewed U.S.-Iran fighting indicates a well-supplied oil market in the longer term. That means stability for energy short countries like India in the long term. In the short term, however, India will be impacted by other disruptions, such as the increased use of sanctions.
Courtesy: AP
Saudi Arabia has been the new centre for mediation between warring states and their sponsors. It reflects the shifting dynamics in an increasingly multipolar world and the redefinition of power structures. This role has extended to other Gulf states, which have strategically positioned themselves as neutral players, leveraging their strong relations with the great powers, and adopted culturally sensitive to consensus-building.
Courtesy: WAM/ Shutterstock
The Gulf is increasing its diplomatic weightage globally. The maximum acceleration has been by the UAE, which is leveraging its advantages of economy, location, and connectivity to position itself as a key regional and geopolitical facilitator.
Courtesy: Mint
On February 18, India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA). This is a modern trade agreement with its roots in the erstwhile Bombay Presidency’s administration of the nine Emirati kingdoms.
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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
Courtesy: wikimedia\commons
The growing ISIS-driven violence in Iraq highlights India’s vulnerability to the turmoil in West Asia: we heavily depend on the region for our energy. To insulate the country’s energy security from the upheavals, India must urgently diversify its sources and types of fuel, and develop its own energy ecosystem