Scott Bessent, the US Treasury secretary, called the Indians “very good actors” and claimed that India stopped buying Russian oil this fall after the US asked it to.
He added that the US had given “permission” to receive Russian oil amid the conflict in West Asia.
“The Indians were very good actors. We asked them to stop buying sanctioned Russian oil this fall. They did. They were going to replace it with American oil. But to alleviate the temporary shortage of oil around the world, we gave them permission to receive Russian oil. We can lift sanctions on other Russian oil,” Bessent said, according to Fox Business.
Bessent has expressed similar views before.
Amid a deepening crisis in the Persian Gulf that has severely disrupted shipping routes through the Strait of Hormuz, the United States on Thursday (local time) granted a 30-day waiver allowing India to continue buying oil from Russia to meet its energy needs.
Bessent mentioned, “President Trump’s energy agenda has seen oil and gas production reach record highs. To keep oil flowing to the global market, the Treasury Department is issuing a temporary 30-day waiver for Indian refiners to buy Russian crude.”
He went on to say that the deliberately short-term measure would not bring much financial gain to Russia, as it only allows transactions involving oil shipments already stranded at sea. He said India remained a key partner of the United States and expressed confidence that Delhi would increase its purchases of American oil.
Bessent also described the waiver as a temporary step aimed at easing pressure created by Iran’s attempt to hold global energy supplies hostage.
India gets about 40 percent of its oil imports from the Middle East, with a substantial portion of these supplies passing through the strategically important Strait of Hormuz.
According to ANI sources, citing sources, the country assesses its energy situation twice a day and remains in a very comfortable position in terms of energy security. Current Indian stocks are also considered adequate, with stocks being replenished daily.
They further stated that there is no global shortage of liquefied petroleum gas, liquefied natural gas or crude oil.
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Petroleum Minister Hardeep Singh Puri says no power shortage
Petroleum Minister Hardeep Singh Puri on Friday said there was no power shortage in India and assured consumers that there was no need to worry. The minister also spoke to the media on various aspects of the country’s uninterrupted energy imports despite the ongoing geopolitical challenges.
“Our priority is to ensure availability of affordable and sustainable fuel to our citizens and we are doing so comfortably. There is no shortage of energy in India and our energy consumers need not worry,” Puri said.
Sources said India currently has access to energy supplies from a wide range of diversified sources that exceed the volume that could potentially be disrupted through the strategically important Strait of Hormuz. They added that the country’s existing reserves of crude oil and petroleum products are sufficient to meet domestic demand.
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According to sources, the government is closely monitoring the development and is ready to increase supplies from alternative regions to compensate for possible disruptions related to the Strait of Hormuz.
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They also noted that India has significantly diversified its oil import basket in recent years. From 2022, the country will import oil from Russia. While Russia accounted for only 0.2 percent of India’s total oil imports in 2022, its share has grown considerably in subsequent years.
“In February, India imported about 20 percent of its total oil imports from Russia, which is about 1.04 million barrels per day,” government sources said.
