Last Updated on March 8, 2026 1:54 pm by BIZNAMA NEWS
BI DESK
US President Donald Trump said he would consider using the US Strategic Petroleum Reserve (SPR) to ease oil pressure, emphasising that the US has abundant oil.
Trump made this remarks to media, responding to US Treasury Secretary Scott Bessent’s announcement that India can temporarily purchase Russian oil.
Bessent noted that India had previously stopped buying sanctioned Russian oil and substituted it with US oil, and the temporary waiver will help India meet its energy needs while global markets adjust.
India relies on the Middle East for nearly 40 percent of its oil imports, much of which passes through the Strait of Hormuz.
Union Minister for Petroleum and Natural Gas, Hardeep Puri confirmed India’s energy supplies are sufficient, with no shortages of crude, LPG, or LNG. The country is reviewing its energy situation twice daily and has diversified its import sources.
India’s imports from Russia have grown from 0.2 percent in 2022 to about 20 in February 2026, totaling roughly 1.04 million barrels per day.
US Energy Secretary Chris Wright said the 30-day waiver is a short-term measure to help stabilise global oil prices amid Middle East tensions.
