US President Donald Trump said Washington’s decision to temporarily allow India to purchase Russian oil was aimed at easing pressure on global energy markets amid escalating tensions in West Asia, ANI reported.
Speaking to reporters aboard Air Force One, Trump responded to questions about US Treasury Secretary Scott Bessent’s announcement granting India temporary permission to accept Russian oil supplies.
“If there were some, I would do it just to take a little of the pressure off,” Trump said.
He added that global oil availability remains adequate. “I think that the oil pressure — there’s a lot of oil. We’ve got a lot of oil. Our country has a tremendous amount and there’s a lot of oil out there. That’ll get healed very quickly,” he said.
The remarks follow Bessent’s statement that the US had allowed India to accept Russian oil temporarily as tensions in the Gulf disrupt energy supplies.
“The Indians have been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did. They were going to substitute it with US oil. But to ease the temporary gap of oil around the world, we have given them permission to accept Russian oil. We may un-sanction other Russian oil,” Bessent said in an interview with Fox Business.
The US on Thursday granted India a 30-day waiver to purchase Russian oil as shipping disruptions linked to the crisis in the Gulf affected routes passing through the Strait of Hormuz.
India sources nearly 40 per cent of its crude imports from the Middle East, with a significant portion transported through the strategically important waterway.
Government sources told ANI that India is reviewing its energy situation twice daily and remains in a comfortable position regarding energy security. Current stock levels are adequate and supplies continue to be replenished regularly.
Officials also said there is no shortage of LPG, LNG or crude oil globally.
Petroleum and Natural Gas Minister Hardeep Singh Puri said India’s energy supply remains secure despite geopolitical tensions.
“Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably. There is no shortage of energy in India and there is no cause of worry for our energy consumers,” Puri said in a post on X.
— HardeepSPuri (@HardeepSPuri)
India currently has access to energy supplies from diversified sources exceeding the volumes that could potentially be affected by disruptions through the Strait of Hormuz. Existing stocks of crude oil and petroleum products are also sufficient to meet domestic demand.The government is closely monitoring the evolving situation and is prepared to increase imports from alternative sources if required, sources added.
India has significantly diversified its crude import basket in recent years. While Russian oil accounted for just 0.2 per cent of India’s imports in 2022, the share has risen substantially since then.
“In February, India imported about 20 per cent of its total crude oil imports from Russia, amounting to around 1.04 million barrels per day,” said government sources.
US Energy Secretary Chris Wright also said Washington’s decision to grant the waiver was part of short-term measures aimed at stabilising global oil prices amid supply pressures linked to the Middle East crisis.
Tensions in West Asia escalated after a joint US-Israel strike on Iranian territory on February 28 killed Iran’s Supreme Leader Ayatollah Ali Khamenei and other senior figures, triggering retaliatory drone and missile attacks by Tehran across several Arab countries.
