Washington, D.C., March 8 — President Donald Trump commented Saturday aboard Air Force One on developments in the Gulf and on the US decision to temporarily allow India to accept certain Russian oil shipments.
Asked whether the United States might take additional steps, such as releasing oil from the Strategic Petroleum Reserve, Trump said, “If there were some, I would do it just to take a little of the pressure off,” and added that the US has “a lot of oil” and that supply constraints “will get healed very quickly.”
Treasury Secretary Scott Bessent told Fox Business the waiver was granted in light of the evolving security situation in West Asia. He said India had complied with US requests earlier in the fall to stop buying sanctioned Russian oil and had planned to substitute US crude. “But to ease the temporary gap of oil around the world, we have given them permission to accept Russian oil,” Bessent said, adding that the US “may un-sanction other Russian oil.”
The White House issued a 30-day waiver allowing India to purchase certain Russian oil supplies as tensions in the Gulf have disrupted shipping through the Strait of Hormuz, a vital route for Indian energy imports. India obtains nearly 40 percent of its crude from the Middle East, with a substantial share transiting that strait.
Indian officials say the country is monitoring supplies closely and remains in a comfortable position. Petroleum Minister Hardeep Puri told media there is no shortage of energy in India and no cause for consumer concern, tweeting that the government is ensuring “availability of affordable and sustainable fuel”.
Government sources say Indian stocks of crude and petroleum products are adequate for domestic demand and are being replenished daily. Authorities plan to increase supplies from alternative regions if needed and note India has significantly diversified its crude import sources in recent years.
India began importing more Russian crude after 2022. While Russia accounted for just 0.2 percent of India’s crude imports in 2022, that share rose substantially; government figures cited February imports of roughly 1.04 million barrels per day from Russia, about 20 percent of India’s total crude imports that month.
US Energy Secretary Chris Wright described the 30-day waiver as a short-term measure to help keep global oil prices in check amid supply pressures related to Middle East tensions.
Those tensions have escalated since a joint US-Israel strike on February 28 on Iranian territory, which heightened regional friction. Iran subsequently launched waves of drone and missile attacks across multiple countries in the region, increasing concerns about shipping and energy security.
The situation remains fluid; US and Indian officials say the waiver is temporary and intended to address immediate supply challenges while global energy markets are monitored closely. (ANI)
