US urges India to join coalition seeking price cap on Russia oil

Subject: International relations

Section: International organization

Context:

US deputy treasury secretary Wally Adeyemo on Friday said Washington wants India to join the coalition that is seeking to impose a price cap on Russian oil. The restriction is aimed at squeezing revenue streams for Moscow and softening the global energy prices.
To rein in Russia’s revenue from sale of oil being used to fund its over six-month-old aggression into Ukraine, a group of seven (G7) richest economies, including the US, aims to have a price-capping mechanism on Russian oil exports in place by December, when European Union sanctions banning seaborne imports of Russian crude come into force

Group of Seven (G7)

It is an intergovernmental organisation that was formed in 1975.
The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
The G7 countries are the UK, Canada, France, Germany, Italy, Japan and the US.
All the G7 countries and India are a part of G20.
The G7 does not have a formal charter or a secretariat. The presidency, which rotates among member countries each year, is in charge of setting the agenda. Sherpas, ministers and envoys hammer out policy initiatives before the summit.
As of 2022, G7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions, according to the Summit website. China and India, the two most populous countries with among the largest GDP figures in the world, are not part of the grouping.

Oil Reserves by Country

Oil Production by Country