In West Asia conflict's shadow, BRICS calls for free flow of energy, Pg15

Key Highlights:

• The 18th BRICS Summit adopted the New Delhi Declaration, emphasizing energy security and the protection of critical energy infrastructure.
• The declaration called for stable energy markets, uninterrupted supplies, and safeguarding vital energy infrastructure amidst global conflicts.
• This initiative comes against the backdrop of stifled energy flows from West Asia and attacks on energy infrastructure in both West Asia and the Russia-Ukraine conflict zones.
• Major oil and gas producers within BRICS, including Iran, Saudi Arabia, and the United Arab Emirates, have been impacted by these attacks.
• The West Asia conflict has severely constrained global energy flows, reducing vessel movements through the Strait of Hormuz, which typically accounts for one-fifth of global crude oil and liquefied natural gas flows.

Detailed Insights:

• The New Delhi Declaration underscores energy security as a primary economic and geopolitical concern for the BRICS grouping.
• Attacks in West Asia have involved US and Israeli forces targeting Iranian infrastructure, while Iran and its allied non-state actors have struck facilities in Saudi Arabia and the UAE.
• The Strait of Hormuz, a crucial maritime chokepoint between Iran and Oman, is vital for global energy supply chains, with significant volumes of oil and LNG transiting through it daily.
• Disruptions in this strait lead to global supply tightness and elevated energy prices, disproportionately affecting energy-importing nations like India.
• The emphasis on unimpeded energy flow within BRICS highlights the internal challenges, as several member states are directly involved in or affected by ongoing energy crises.
• Russia, a founding member of BRICS, has also seen its energy infrastructure damaged amid its conflict with Ukraine, further contributing to global energy market instability.
• India has consistently advocated for the protection of global energy infrastructure and the free flow of energy to ensure global economic stability.

Key Concepts Involved:

• BRICS: An intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Indonesia, fostering cooperation among emerging economies.
• Energy Security: The uninterrupted availability of energy sources at an affordable price, essential for a nation's economic development and stability.
• Strait of Hormuz: A narrow, strategically critical waterway connecting the Persian Gulf to the Gulf of Oman, through which a substantial portion of the world's oil and liquefied natural gas passes.