Amid the escalating conflict with Iran, the US said it is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. President Trump's energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil, Treasury Secretary Scott Bessent said on Thursday. He said this deliberately short-term measure will not provide significant financial benefit to the Russian government, as it only authorises transactions involving oil already stranded at sea. India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage,' Bessent reportedly said.

Powered by Commodity Insights