Saudi Arabia’s Aramco last week made headlines for reportedly being in discussions to pick up stake in Reliance Industries' core business. If the deal goes through, it may take foreign interest in India's oil and related assets to $44.46 billion- invested and proposed, in the last three years. This capital, in turn. gives India a higher geo-political currency.

“Growing interest and investment from foreign oil companies, especially from the Middle East, helps as a strong geo-political currency if a war-like situation was to arise,” said an oil and gas expert who did not want to be named.

Saudi Aramco is already committed to partner India’s oil marketing companies, along with Abu Dhabi National Oil Company (ADNOC) for equal participation in a $44-billion west coast refinery. The project, at present, is stalled due to land issues.

ADNOC also has interests in the Indian oil market, through India’s strategic oil storage facilities. The Abu Dhabi oil company has a pact to lease part of India’s underground strategic oil storage in Karnataka for storing crude oil.

"In terms of any expected instability in the Indian market owing to Pakistan, both Saudi and UAE will apply pressure on Pakistan. Higher the oil interest the better is their incentive to do so," said Jayadeva Ranade, former Additional Secretary, Cabinet secretariat, Government of India.

In 2017, Russia Rosneft-led consortium purchased Essar’s Gujarat refinery and related assets for $12.9 billion, further strengthening Russia’s interest in India.

India’s energy demand has outpaced global growth. Foreign companies have been vying for a pie of the country's growing fuel demand through investments in refineries, fuel retail business, and related assets.

While this interest may help India in its diplomatic efforts, there is a word of caution. “The assumption that Russia, Saudi Arabia, and Abu Dhabi would want to de-escalate tensions to keep their markets stable is rational but does not really factor in uncertainties with regards to regional security developments that countries cannot fully control," Jean-Loup Samaan,a defense analyst based in the UAE. He added, “For instance the impact of the war in Yemen on maritime security, or the consequences of the Iranian sanctions.”

For events like Iran, Ranade also suggests India diversify its sourcing markets."We should look to diversify and source from as many countries as possible, and not find comfort with a small pool of countries,” he said. There seems to be an effort to do so. Data earlier submitted by the oil ministry before Parliament suggests Chad, the Ivory Coast, Cambodia, and Indonesia are some of the countries that have made a debut in India’s crude oil-sourcing map in the past few years.