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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.
US Treasury Secretary Scott Bessent said, "President Trump's energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea. India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage." The waiver comes at a time when India continues to face potential risks linked to energy supply disruptions in the Middle East 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. India sources nearly 40 per cent of its oil imports from the region, with a significant portion transported through the strategically important Strait of Hormuz. 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 position of stock 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. Sources noted that India is in touch with other suppliers as well. Sources said India is closely monitoring developments in the region but is well-prepared to manage any potential supply-side challenges due to adequate inventory levels and diversified sourcing. India continues to import Russian crude as per previous contracts. The government, according to sources, is keeping a close watch on the global energy market to ensure uninterrupted supplies for the country. (ANI)
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