Portugal Colonial - Iran war and oil dominate BRICS meet in India

War in Iran and the related fuel crisis are dominating discussions in the two-day gathering.

India, which holds the BRICS chair this year, was hosting the foreign ministers from the expanded bloc, which now includes Iran, Saudi Arabia and the United Arab Emirates -- countries at odds over the conflict launched by the United States and Israel on February 28.

"We meet at a time of considerable flux in international relations," India's Foreign Minister Subrahmanyam Jaishankar said, in his opening speech, before closed meetings began.

Among the foreign ministers attending were Iran's Abbas Araghchi and Russia's Sergei Lavrov.

"Ongoing conflicts, economic uncertainties, and challenges in trade, technology, and climate are shaping the global landscape," Jaishankar added.

"There is a growing expectation, particularly from emerging markets and developing countries, that BRICS will play a constructive and stabilising role."

Disruptions around Gulf shipping routes and the Strait of Hormuz continue to drive volatility in oil and gas markets, increasing pressure on energy-importing economies, including India.

"Development issues remain central," Jaishankar added. "Many countries continue to face challenges on energy, food, fertiliser and health security, as well as also access to finance."

- 'Volatile global environment' -

The conflict involving Iran has added strain to India's economy, heavily reliant on Middle Eastern energy supplies and fertiliser imports, and has cast uncertainty over New Delhi's growth outlook.

India, the world's third-largest oil buyer, normally sources about half of its crude through the Strait of Hormuz, a vital waterway that has been repeatedly blocked since war began.

Ship‑tracking and import data show that India has partially plugged the gap by turning to old allies, expanding promising ties and reviving suppliers it had not tapped in years.

The biggest backstop has been Russian crude -- a fuel source New Delhi spent much of the past year trying to pivot away from under stiff US tariffs.

Jaishankar met with Lavrov on Wednesday evening.

"Our political cooperation is even more valuable in an uncertain and volatile global environment," Jaishankar said in remarks at the meeting, adding that discussions included "trade and investment, energy and connectivity".

BRICS was created in 2009 as a forum for major emerging economies seeking greater influence in institutions dominated by Western powers.

The grouping, originally comprising Brazil, Russia, India, China and South Africa, has since expanded, as members sought to boost the bloc's global political and economic influence.

It now includes Egypt, Ethiopia, Iran, Saudi Arabia, Indonesia and the United Arab Emirates.

China's Foreign Minister Wang Yi was not attending -- with US President Donald Trump in Beijing on Thursday.

India will hold a leaders' summit later this year, and the foreign ministers will also meet with Prime Minister Narendra Modi, the foreign ministry said.

With deep divisions among some members, including over the Middle East war and criticism of Western powers, it was not clear whether a joint statement would be released at the meeting's end.

"We will let you know as things progress," India's foreign ministry spokesman Randhir Jaiswal told reporters.

E.Paulino--PC