- US Treasury allowed India to buy Russian oil temporarily amid Middle East tensions
- Trump said US has abundant oil and would act to ease pressure if needed
- India imports 40% of oil from Middle East, mostly via Strait of Hormuz
US President Donald Trump addressed the announcement by Treasury Secretary Scott Bessent on temporarily allowing India to purchase Russian oil while speaking to the press aboard US Air Force One.
When asked about Bessent's announcement and if he is considering any 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."
Trump was spoke to reporters on Saturday (US local time) and addressed various developments in light of the Middle East being on the boil.
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His remarks come in the wake of Bessent claiming that Washington has "given permission" to India to purchase Russian crude as the Middle-East or West Asia war wages on.
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."
India satiates close to 40% of its oil needs with imports from the Middle East, with a bulk of the portion being transited through the Strait of Hormuz.
After the Middle East conflict severely hindered 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.
However, the Indian government has time and again assured that there is no shortage of energy in India and therefore no cause of worry for its energy consumers.
"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," Petroleum Minister Hardeep Puri said in a post on X.
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