US Allows India to Purchase Russian Crude Oil for 30 Days Amid Global Supply Concerns
The United States has allowed India to buy crude oil from Russia for the next 30 days to ease global supply shortages caused by rising tensions in the Middle East.
Prasanth Subramani
The United States has granted India permission to purchase crude oil from Russia for the next 30 days in order to help stabilize global oil supply amid rising tensions in the Middle East.
The ongoing conflict involving the United States, Israel, and Iran has heightened tensions across Middle Eastern countries, leading to concerns about a potential shortage of crude oil in the global market.
To address the supply issues, the US government has allowed India to temporarily resume crude oil purchases from Russia. The permission is limited to a 30-day period, according to reports.
US Treasury Secretary Scott Bessent stated that the decision was made to help normalize oil shipments currently stuck at sea and to stabilize supply chains affected by the Middle East conflict.
Earlier, India had reduced its oil purchases from Russia due to heavy tariffs and restrictions imposed by the United States under former President Donald Trump’s administration.
The temporary approval is expected to ease pressure on global oil markets and help maintain energy supply stability during the ongoing geopolitical tensions.
Source : Dinamani
