Washington DC: US President Donald Trump on Saturday (US local time) addressed the media regarding the unfolding security situation in West Asia and the Gulf. He also responded to an announcement by US Treasury Secretary Scott Bessent allowing India to temporarily purchase Russian oil.Speaking aboard Air Force One, Trump said he would consider additional measures if needed to ease pressure on global oil markets.“If there were some, I would do it just to take a little of the pressure off,” Trump said. “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 there’s a lot of oil out there. That’ll get healed very quickly.”His remarks follow Bessent’s statement that the United States has given India temporary permission to accept Russian oil supplies amid the evolving security crisis in West Asia.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.”With the crisis in the Gulf disrupting shipping routes through the strategically vital Strait of Hormuz, the United States on Thursday granted India a 30-day waiver to purchase Russian oil to meet its energy requirements.India sources nearly 40 percent of its oil imports from the Middle East, with a significant portion transported through the Strait of Hormuz.According to sources, India is reviewing its energy situation twice daily and remains in a comfortable position regarding energy security. The country’s stock levels are also stable and being replenished regularly.Officials added that there is currently no shortage of LPG, LNG, or crude oil globally.Union Petroleum Minister Hardeep Singh Puri on Friday assured that India faces no energy shortage and consumers need not worry.“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,” Puri wrote on X.Sources also noted that India has access to energy supplies from diversified sources that exceed the volume potentially affected by disruptions in the Strait of Hormuz. The country’s current reserves of crude oil and petroleum products are adequate to meet domestic demand.The government is closely monitoring developments and plans to increase imports from alternative regions if required.India has significantly diversified its crude import basket in recent years. Since 2022, imports from Russia have increased sharply. While Russia accounted for only 0.2 percent of India’s crude imports in 2022, its share has grown substantially since then.“In February, India imported about 20 percent of its total crude oil from Russia, amounting to around 1.04 million barrels per day,” government sources said.Also on Friday, US Energy Secretary Chris Wright said the 30-day waiver allowing India to buy certain Russian oil supplies is a short-term step aimed at stabilizing global oil prices amid supply pressures caused by Middle East tensions.The move comes amid escalating regional tensions following a joint US-Israel military strike on February 28 targeting sites in Iran, which reportedly resulted in the death of Iran’s Supreme Leader Ali Khamenei and several senior figures.In retaliation, Iran launched waves of drone and missile attacks across multiple Arab countries.
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