The United States praised India as a “very good actor” on Russian oil sanctions while signalling it could ease restrictions on additional Russian crude to stabilize global energy markets.
Treasury Secretary Scott Bessent, speaking on Fox Business’ Kudlow programme, said Washington allowed India to purchase Russian oil already stranded at sea and is now considering further steps to unsanction more barrels.
“The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did,” Bessent said, explaining that New Delhi had complied with earlier US requests before receiving the temporary waiver.
Bessent noted that India had planned to replace Russian supplies with US oil, but Washington decided to allow purchases of Russian crude already on ships in order to avoid short-term disruptions in global supply.
“They were going to substitute it with US oil, but to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil,” he said.
The decision comes as tensions involving Iran have pushed global oil prices higher and raised concerns about potential supply disruptions in the Middle East.
Bessent also suggested that Washington could take additional steps to bring more oil into the market if needed. “We may unsanction other Russian oil,” he told host Larry Kudlow, indicating the US is considering lifting restrictions on additional shipments.
US GULF CRUDE SURGES AMID IRAN CONFLICT
Meanwhile, U.S. Gulf Coast heavy crude prices surged on Friday as the conflict involving Iran disrupted Middle Eastern supplies and pushed buyers toward American barrels, Reuters reported.
The benchmark Mars sour crude, produced in the US Gulf of Mexico, traded at an $11 premium to West Texas Intermediate, its highest level since April 2020.
Analysts said the disruption of flows through the Strait of Hormuz and production curbs by some Gulf producers have forced refiners to seek alternative supplies, driving up demand for US heavy crude grades.
With inputs from agencies
