- By Raju Kumar
- Fri, 06 Mar 2026 11:19 PM (IST)
- Source:JND
US-Iran War: US Energy Secretary Chris Wright on Friday explained why the Trump administration has issued a 30-day waiver to India to purchase certain Russian oil supplies, saying it is a part of "short-term measures" aimed at keeping global oil prices under control. The disruption in the oil supply of oil through the international waters in the Gulf amid war in the Middle East triggered concerns among importing nations. The move is intended to quickly bring oil stored in floating reserves into the global market and ease immediate supply constraints, Wright said, while speaking on a private news channel.
There are significant volumes of Russian oil currently stored in floating tankers around southern Asia, and the US has encouraged India to import those supplies to stabilise the market, he added.
"We need to get oil on the market in the short term. In the long term, supplies are abundant. There's no worry there. But as oil gets bid up a little bit because of those constraints coming out of the Straits of Hormuz, we're taking a short-term action to say all this floating Russian oil storage that's around southern Asia," Wright stated.
'We've Reached Out To Friends In India'
"We've reached out to our friends in India and said, 'Buy that oil. Bring it into your refineries.' That pulls stored oil immediately into Indian refineries and releases the pressure on other refineries around the world to buy oil that they're no longer competing with the Indians for in that marketplace," the Energy Secretary added.
Has US Changed Its Policy Toward Russia?
Defending the US decision, he asserted that the step does not represent a broader shift in Washington's policy toward Russia but rather a temporary measure aimed at easing market pressure.
Indian Refiners Snap Up Russian Oil Cargoes
Meanwhile, Indian refiners have begun snapping up millions of barrels of Russian oil floating in Asian waters after the US granted a waiver allowing purchase of cargoes stranded at sea, but are seeking legal opinion on whether the exemption also permits buying from sanctioned entities, sources said.
India had emerged as the largest buyer of Russian seaborne crude after Moscow's 2022 invasion of Ukraine, but its refiners began scaling back purchases in January amid pressure from Washington. The reduction helped New Delhi avoid a proposed 25 per cent tariff on its exports and clinch an interim trade deal with the United States.
A top oil ministry official said New Delhi never completely stopped buying oil from Russia as part of its policy to source energy needs from diversified sources. At February end, before the US and Israel attacked Iran to trigger a wider conflict in the region, India bought some 1.04 million barrels per day of Russian oil. This was lowest since November 2022 and half of peak 2.15 million barrels a day hit in May 2023.
(With Agencies Inputs)