Trump on US Allowing India to Accept Russian Oil

Speaking on Air Force One, Trump said he would consider additional measures if necessary to relieve pressure on global oil markets.

“If that were the case, I would do it to take some of the pressure off,” Trump said. “I think the oil pressure is there’s too much oil. We’ve got too much oil. There’s a tremendous amount of oil in our country and there’s too much oil out there. This is going to get better very quickly.”

His remarks came after Bessent’s statement that the US had given temporary permission to India to accept Russian oil supplies due to the developing security crisis in West Asia.

Bessent said in an interview on Fox Business: “The Indians were very good actors. We asked them this fall to stop buying sanctioned Russian oil. They did. They were going to replace it with U.S. oil. But we allowed them to accept Russian oil to alleviate the temporary oil deficit in the world. We can lift sanctions on other Russian oil.”

The United States on Thursday granted India a 30-day exemption from purchasing Russian oil to meet its energy needs, as the crisis in the Gulf disrupted shipping routes in the strategically vital Strait of Hormuz.

India provides approximately 40 percent of its oil imports from the Middle East, and a significant portion is transported through the Strait of Hormuz.

According to sources, India reviews its energy situation twice a day and is in a comfortable position regarding energy security. The country’s stock levels are also stable and replenished regularly.

Officials added that there is currently no shortage of LPG, LNG or crude oil worldwide.

Union Petroleum Minister Hardeep Singh Puri on Friday said India is not facing energy shortage and consumers need not worry.

“Our priority is to ensure the availability of affordable and sustainable fuel for our citizens and we are doing so conveniently. There is no energy shortage in India and no cause for concern for our energy consumers,” Puri wrote to

Sources also noted that India has access to energy resources from various 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 sufficient to meet domestic demand.

The government is following the developments closely and plans to increase imports from alternative regions if necessary.

India has significantly diversified its crude oil 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 increased significantly since then.

“In February, India imported around 20 per cent of its total crude oil from Russia, translating to around 1.04 million barrels per day,” government sources said.

Also Friday, U.S. Energy Secretary Chris Wright said the 30-day exemption allowing India to buy certain Russian oil resources was a short-term step aimed at stabilizing global oil prices amid supply pressures caused by Middle East tensions.

The move comes amid rising regional tensions following a joint US-Israeli attack targeting sites in Iran on February 28, which reportedly resulted in the death of Iran’s Supreme Leader Ali Khamenei and some senior figures.

In retaliation, Iran launched drone and missile attacks on several Arab countries.