US Envoy Praises India's Role in Stabilizing Oil Prices

US Envoy Praises India's Role in Stabilizing Oil Prices.webp

New Delhi, March 11 India is one of the largest consumers and refiners of crude oil, and it is essential for New Delhi and Washington to work "hand-in-hand" to ensure the stability of the energy market, US Ambassador Sergio Gor said on Wednesday.

His conciliatory gesture came as the Congress maintained pressure on the government, alleging that Washington influences India's energy policy.

The opposition party has been targeting the government after the US provided a 30-day waiver to Indian refiners to purchase Russian crude oil in view of the disruptions in the energy market following the West Asia crisis.

"India has been a great partner in maintaining stable oil prices around the world. The United States recognizes that ongoing purchases of Russian oil are part of this effort," the US ambassador said.

"India is one of the largest consumers and refiners of oil, and it is essential for the United States and India to work together to ensure market stability for Americans and Indians," he said on social media.

The Congress took a fresh swipe at the BJP-led government on Wednesday after White House spokesperson Karoline Leavitt said in Washington that the US has "temporarily permitted" India to procure Russian oil.

President Donald Trump, Treasury Secretary Scott Bessent, and the entire national security team "came to this decision because our allies in India have been good actors and have previously stopped buying sanctioned Russian oil," Leavitt told a press conference on Tuesday.

The US said last week that it was issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil in the backdrop of the escalating West Asia conflict.

Trump, while announcing a trade deal with New Delhi last month, claimed that India had agreed not to procure crude oil from Russia.

In an executive order, Trump had rolled back an additional 25 per cent tariffs on India that he had imposed last August regarding India's procurement of crude oil from Russia.

In the order, the US said it would monitor whether India resumed Russian oil purchases directly or indirectly and that would determine whether a 25 per cent tariff would again be reimposed.

India has been maintaining that it will procure oil from multiple sources and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement.
 
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crude oil diplomacy energy market energy policy india india-us relations international relations policy refining russian oil supply chain tariff trade united states west asia
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