'To ease pressure': Trump on Russian oil waiver to India

When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."

United States President Donald Trump on Saturday spoke to the media about several developments following the unfolding security situation in the Middle East and the Gulf, and responded to the announcement by US Treasury Secretary Scott Bessent on temporarily allowing India to purchase Russian oil.

He made the remarks aboard Air Force One.

When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."

He added, "I think the oil pressure -- there's a lot of oil. We've got a lot of oil. Our country has a tremendous amount, and there's a lot of oil out there. That will get healed very quickly."

His remarks came after Scott Bessent, the US Treasury Secretary, again said that the United States has given India 'permission' to accept Russian oil in view of the developing security situation in the Middle East.

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 unsanction other Russian oil."

India reviews its energy situation 

Amid the crisis in the Gulf severely hampering shipping routes through the Strait of Hormuz, the US said on Thursday it 'granted a 30-day waiver allowing India to purchase Russian oil to meet its energy requirements'.

India sources nearly 40 per cent of its oil imports from the Middle East, with a significant portion transported through the strategically important Strait of Hormuz.

Notably, according to sources, India is reviewing its energy situation twice a day and remains in a comfortable position regarding its energy security. The country's current stock position is also seen as comfortable, with supplies being replenished daily.

According to the sources, there is no shortage of LPG, LNG, or crude oil globally.

Petroleum Minister Hardeep Singh Puri on Friday said there is no shortage of energy in India and no cause for concern for consumers.

The minister discussed various aspects of India’s uninterrupted energy imports despite geopolitical challenges.

'Our priority is to ensure the 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 for worry for our energy consumers,' the minister posted on X.

Existing stock adequate to meet domestic demand 

According to the sources, the country currently has access to diversified energy supplies exceeding the volume that could potentially be affected by disruptions in the Strait of Hormuz.

India's existing stock of crude oil and petroleum products is also adequate to meet domestic demand.

Sources said the government is closely monitoring the situation and plans to ramp up supplies from alternative geographies to offset any potential supply constraints linked to the Strait of Hormuz.

They highlighted that India has significantly diversified its crude import basket in recent years.

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 subsequent 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 Washington, DC's decision to issue a 30-day waiver allowing 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.