- Quad nations form Fuel Security Forum in New Delhi.
- Aims to boost energy cooperation, strategic petroleum reserves.
- Focus on Indo-Pacific maritime, critical minerals security.
The Quad meeting between the foreign ministers of India, the United States, Australia, and Japan was held in New Delhi on Tuesday, May 26. Foreign ministers from all four countries were present in India, with India’s External Affairs Minister S Jaishankar welcoming the visiting delegates.
The Quad nations meeting was attended by Indian External Affairs Minister S Jaishankar, along with Secretary of State Marco Rubio of the US, Australia's Foreign Minister Penny Wong, and Japan's Foreign Minister Toshimitsu Motegi. India, Australia, Japan and the US decided to set up the 'Quad Fuel Security Forum', taking the present worldwide worries about interruptions to crude oil and natural gas supply.
What is the QUAD Fuel Security Forum?
With oil tankers navigating an increasingly fraught Strait of Hormuz and fuel prices climbing to multi-year highs across Asia, India, Australia, Japan and the US reaffirmed their resolve and decided to form a 'Quad Fuel Security Forum' that will help coordinate high-level talks and enhance cooperation in energy issues.
According to the statement, the US, Australia, India and Japan have decided to identify areas of cooperation in the "Quad Initiative on Indo-Pacific Energy Security". These would include technology, management, policy coordination, analysis of the international market and the emergency response drill on the basis of a structured engagement plan.
The Quad Fuel Security Forum will aim to utilise each country’s strengths in the energy sector and enhance capabilities, including strengthening their respective strategic petroleum reserves.
India's Foreign Minister S Jaishankar said three important things about this Quad meeting.
The Indo-Pacific Maritime Surveillance Initiative and a Common Operating Picture for maritime security were agreed upon. S Jaishankar stated, "The creation of an expert panel on port infrastructure will be considered; a pilot port project in Fiji, and cooperation on undersea cables."
The Foreign Minister also stated, "The QUAD Critical Minerals Framework was finalised. Additionally, the India-US Critical Minerals Framework was signed. QUAD is working closely with other like-minded countries in this area."
The QUAD Initiative on Indo-Pacific Energy Security was also announced, covering technology, management, policy, international market analysis, and emergency response cooperation.
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Commitment To Secure Energy Markets
The Quad statement said, “We recognise the impact of disruptions in global markets, particularly with respect to oil, gas and petrochemical products, as well as essential commodities and critical downstream derivatives, which have the greatest impact on the Indo-Pacific region.”
It further added that there was a strong collective intention among the members to work together on energy security and resilience. The Quad nations reiterated their strong resolve to maintain the orderly, predictable, transparent, secure and resilient energy markets.
The Quad further highlighted the critical nature of the secure and unimpeded flow of trade, security of navigation and infrastructure along key sea-lanes, indispensable for global economic and energy security.
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