Trump breaks silence on US granting permission to India to accept Russian oil

US President Donald Trump on Saturday (US local time) finally reacted to the temporary authorization for India to purchase Russian oil

US Treasury Secretary Scott Bessent’s recent statement on temporarily allowing India to purchase Russian oil has been strongly criticized by India’s opposition party, Congress. US President Donald Trump on Saturday (US local time) finally reacted to the temporary authorization for India to purchase Russian oil. When questioned 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, US President 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.”

What did Donald Trump mean by saying the move was meant “to take a little pressure off”?

His remarks come following 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.

According to the ANI report, Sources confirm that India is monitoring its energy situation twice a day and is reportedly quite comfortable with its energy security; its current stock level is said to be “very comfortable” and is being supplied with crude oil daily. 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.

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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.

Read More: Why did the US allow India to buy Russian oil for 30 days?

How could this decision affect global oil markets and prices?

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.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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