Trump OKs India's Russian oil buys to 'take pressure off'
What's the story
United States President Donald Trump has hinted at the possibility of a temporary waiver for India to buy Russian oil. This comes amid escalating conflict in West Asia, following a US-Israel military strike on Iran, which has severely disrupted shipping routes through the Strait of Hormuz, a key global energy corridor. Asked by a reporter about allowing India to buy oil from Russia, Trump said, "I would do it, just to take a little of the pressure off."
Waiver details
US gives India green light to import Russian oil
The United States has temporarily allowed India to import Russian oil, US Treasury Secretary Scott Bessent earlier announced. "To ease the temporary gap of oil around the world, we have given them permission to accept Russian oil," Bessent said. This decision comes after India reportedly complied with earlier US requests to stop buying sanctioned Russian oil and replace it with American crude.
Energy security
Government sources say no shortage of crude oil domestically
Amid these developments, India is closely monitoring its energy situation and remains assured of energy security. Government sources told news agency ANI that India's stock of crude oil and petroleum products is adequate to meet domestic demand. They also stressed there is no shortage of LPG, LNG, or crude oil globally. Nevertheless, LPG prices have been hiked by ₹60 per 14.2kg cylinder in India.
Import diversification
India's crude imports from Russia surged in recent months
India has diversified its crude import sources in recent years to reduce dependence on any single region. Since 2022, imports from Russia have increased significantly. While Russian crude accounted for just 0.2% of India's imports in 2022, this share rose sharply this year, with India importing around 1.04 million barrels per day from Russia in February alone, the ANI report stated.
Import strategy
Fuel supply remains stable, says Union minister Puri
Union Petroleum Minister Hardeep Singh Puri has assured consumers that India's fuel supply remains stable despite global uncertainty. He said, "Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably." According to The Times of India, officials have also said that India plans to increase imports from alternative regions if disruptions through the Strait of Hormuz continue.