US President Donald Trump on Saturday (local time) addressed reporters on developments linked to the unfolding security crisis in West Asia and the Gulf, including the decision by the United States to temporarily permit India to purchase Russian oil.
When asked about US Treasury Secretary Scott Bessent’s announcement allowing certain Russian oil sales to India for a limited period, and whether Washington might consider further measures such as tapping the Strategic Petroleum Reserve (SPR), Trump indicated he would be open to easing pressure on energy markets if required.
“If there were some, I would do it just to take a little of the pressure off,” he said, while travelling aboard Air Force One.
“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,” Trump added.
US Says India Allowed To Import Russian Oil
Trump’s comments came after US Treasury Secretary Scott Bessent reiterated that Washington had granted India permission to receive Russian oil amid the evolving security situation in West Asia.
Speaking to 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.”
The United States on Thursday announced a 30-day waiver allowing India to purchase Russian crude as tensions in the Gulf region disrupt energy supply routes.
Shipping lanes through the Strait of Hormuz have been severely affected due to the ongoing crisis.
India Monitoring Energy Situation Closely
India currently sources around 40 per cent of its oil imports from the Middle East, with a substantial share transported through the strategically important Strait of Hormuz.
Government sources said the country is reviewing its energy position twice daily and remains in a comfortable situation regarding energy security. Current stock levels are also considered sufficient, with replenishment continuing regularly.
According to sources, there is no global shortage of LPG, LNG or crude oil.
Petroleum Minister Hardeep Singh Puri on Friday said there was no reason for concern among consumers about India’s energy supply.
“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.
India Expanding Energy Sources
According to a report by news agency ANI, India now has access to more diversified energy supplies than the volumes that could potentially be disrupted through the Strait of Hormuz. Existing reserves of crude oil and petroleum products are also considered adequate to meet domestic demand.
The government is closely tracking the evolving situation and plans to increase supplies from alternative regions if necessary to offset any possible disruption linked to the Gulf shipping route.
Officials pointed out that India has broadened its crude import basket significantly in recent years. Since 2022, the country has steadily increased purchases of Russian crude.
“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.
US Calls Waiver A Short-Term Step
US Energy Secretary Chris Wright said on Friday that the decision to grant India a 30-day waiver to buy certain Russian oil supplies was a short-term measure aimed at stabilising global oil prices amid supply pressures caused by tensions in the Middle East.
The move comes against the backdrop of escalating conflict in West Asia. Tensions surged after a joint US-Israel military strike on February 28 on Iranian territory killed its Supreme Leader, Ayatollah Ali Khamenei, along with other senior figures.
