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‘To Take A Little Pressure Off’: Donald Trump On US Granting India ‘Permission’ To Accept Russian Oil | VIDEO

· Free Press Journal

Washington DC [US], March 8: US President Donald Trump on Saturday (US local time) spoke to the media about several developments in the wake of the unfolding security situation in West Asia and the Gulf and responded to the announcement by US Treasury Secretary Scott Bessent on temporarily allowing India to purchase Russian oil. He made the remarks aboard US Air Force One.

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Trump comments on temporary oil waiver

When asked about Bessent's announcement of temporarily allowing certain Russian oil sales to India and whether the US is considering any other moves, including the SPR, Trump said, "If there were some, I would do it just to take a little of the pressure off."

He added, "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 we have, there's a lot of oil out there. That'll get healed very quickly."

His remarks come after Scott Bessent, the US Treasury Secretary, yet again said that the United States has given India the "permission" to accept Russian oil in the wake of the developing security situation in West Asia.

US treasury explains decision

In an interview with Fox Business, Bessent said, "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."

With the crisis in the Gulf severely hampering shipping routes that pass through the Strait of Hormuz, the United States on Thursday (local time) allowed a 30-day waiver for India to purchase Russian oil to meet its energy requirements.

India sources nearly 40 per cent of its oil imports from the Middle East, with a significant portion transported through the strategically important Strait of Hormuz.

India monitoring energy supplies

Notably, according to sources, India is reviewing its energy situation twice a day and is in a very comfortable position regarding its energy security. India's current stock position is also seen to be comfortable, with stock being replenished every day.

As per the sources, there is no shortage of LPG or LNG, as well as crude oil, in the world.

Petroleum Minister Hardeep Puri on Friday said there is no shortage of energy in India and there is no cause of worry for its energy consumers. The minister discussed various aspects of India's uninterrupted energy imports despite geopolitical challenges with the media.

"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," the minister posted on X.

Diversified oil import sources

According to the sources, the country currently has access to more energy supplies from diversified sources than the volume that could potentially be impacted through the Strait of Hormuz. India's existing stock of crude oil and petroleum products is also adequate to meet domestic demand.

Sources said the government is closely monitoring the situation and plans to ramp up supplies from alternative geographies to offset any potential supply constraints linked to the Strait of Hormuz.

They highlighted that India has significantly diversified its crude import basket over the past few years. Since 2022, India has been importing crude oil from Russia. While Russia accounted for only 0.2 per cent of India's total crude imports in 2022, the share has risen substantially in the following years.

"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," government sources said.

Oil waiver linked to west asia tensions

Also on Friday, US Energy Secretary Chris Wright said that Washington's decision on issuing a 30-day waiver to India to purchase certain Russian oil supplies is part of "short-term measures" aimed at keeping global oil prices under control amid supply pressures linked to tensions in the Middle East.

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This comes amid escalating tensions in West Asia after a joint US-Israel military strike on February 28 on Iranian territory resulted in the death of its Supreme Leader, Ayatollah Ali Khamenei and other senior figures, prompting a fierce response from Tehran.

In retaliation, Iran launched waves of drone and missile attacks across multiple Arab countries.

(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)

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