The United States has offered India a 30-day waiver to purchase Russian oil as the West Asia conflict disrupts global oil supply chains. More than 200 ships are stuck in the Persian Gulf, with 150 waiting outside the Strait of Hormuz, and 38 Indian ships are stuck in the region. US Treasury Secretary Scott Bessent stated the decision was taken to enable oil to keep flowing into global markets, calling it a stop-gap measure to elevate pressure caused by Iran’s attempt to take global energy hostage. Union Petroleum Minister Hardeep Singh Puri asserted that India faces no energy shortage and there is no cause for concern. Government sources said India’s energy position remains comfortable, with stocks adequate and replenished daily and no shortage of LPG or LNG. Russia has confirmed it is ready to supply oil to India if required. The Congress party has questioned why India needs a US waiver to continue buying Russian oil.
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