00:00Well, that was Marco Rubio mentioning how it's important to deal with foreign policy
00:05when you have a war breaking out, but also relations with other countries.
00:09With that, let's also quickly take a look at Rubio's diesel diplomacy,
00:12because in diplomacy, timing is all that matters.
00:15U.S. is seeking new resources of refined fuel amid the global crisis that we're seeing panning out.
00:20We know that the fuel has become a major flashpoint,
00:24and India is a major refining hub with processes of crude oil into diesel.
00:30And so, we see that Reliance Jamnagar refinery is among the world's largest.
00:34And so, we're seeing that Marco Rubio, who's also going to visit Jamnagar,
00:38this could be a possible point of discussion.
00:40The U.S. diesel prices have surged over to $6 per gallon.
00:44That is expensive and is pinching the U.S. people as well.
00:49The higher diesel costs are pushing up food prices and inflation in the U.S.
00:54and all of this is happening right before the midterm elections,
00:56which are bound to happen in U.S. in November.
00:59So, the price rise is piling pressure on Trump before these midterm elections also take place.
01:05So, we've seen that Russian refineries have been hit in war
01:08and India now remains as a viable option.
01:11We've already seen that the Trump administration is reeling with the fuel price rise.
01:16They have already said that any countries who are now importing Russian fuel
01:20will not be slapped with a 100% tariff, wherein India was also a major importer of Russian oil.
01:27Now, Reliance is backing the new refinery in Brownsville, Texas.
01:31So, Rubio is going to visit there in Jamnagar,
01:35and the Rubio visit can lead to talks on diesel supplies to U.S. as well,
01:39wherein they would want the prices to come down.
01:44Now, let's go back to Prane.
01:45Prane, we were talking about how Jamnagar is part of the itinerary for Marco Rubio as well,
01:50and we can see why it's an important point,
01:53especially when we're talking about energy and how it's been strained,
01:56given the wars which are playing out on various fronts.
01:59So, what can we expect from his visit to Jamnagar?
02:03Since you mentioned about the diesel diplomacy, Jessica,
02:06we have to notice a key import or an important figure of diesel exports of both United States and India.
02:12And if you see the September figures of India and United States,
02:15collective United States has emerged as the largest exporter of diesel,
02:20and India has emerged as the second largest exporter of diesel in the September figure.
02:25Collective September figure for both United States and India stands to be
02:29over 6 million barrels per day of the diesel export.
02:32And as we were discussing earlier as well, Jessica,
02:35that Jamnagar is the world's largest refinery,
02:38and this is India's participation, India's role,
02:42and especially the role of this Jamnagar refinery is very important
02:44to stabilize the oil prices globally,
02:47because to filter or to refine the crude oil
02:52and supply of various products, including diesel,
02:56to the U.S. and other European economy is very important.
03:01And this refinery of Jamnagar,
03:04owned by the Reliance Group,
03:06plays an important role.
03:07And especially, as I mentioned,
03:09that Secretary of State Marco Rubio
03:11is an important principal and important figure
03:13for the Venezuela diplomacy of President Donald Trump
03:16and the oil diplomacy of President Donald Trump
03:19and his administration from Venezuela.
03:20And you know that the Venezuelan crude has a peculiarity.
03:26It's considered as a hard oil,
03:28and that can only be refined in refineries like Jamnagar refinery,
03:32because only few refineries in the world have that capacity.
03:36And we have seen that how the oil infrastructure of various countries,
03:41including West Asian countries,
03:43many Gulf states have come under attack
03:46due to the West Asia crisis,
03:48and how the oil refining capacity of Russia and Ukraine
03:52have also come under attack
03:53as part of the Russia-Ukraine conflict.
03:56And that makes the role of Jamnagar refinery
03:59or Indian refineries more important
04:01for Trump administration to engage with India on that front,
04:06because the oil prices are going up.
04:08This is putting inflationary pressure on U.S. economy.
04:12And this all becomes very important
04:14in terms of the coming-up midterm elections in the United States,
04:17which will be held in the first week of November.
04:20Absolutely.
04:21So now we're seeing that
04:22because of the refineries being hit in Russia and in Ukraine,
04:26India is now emerging as a key player
04:28because it has the biggest refinery in Jamnagar.
04:31And we're seeing that visit right ahead.
04:33Thank you so much for joining in with those inputs, Pranay.
