U.S. urged India to buy Russian oil already at sea to ease supply fears: Energy Secretary
The Hindu
The U.S. urges India to purchase Russian oil at sea to alleviate supply fears amid ongoing West Asia conflict.
The U.S. has urged India to buy Russian oil already floating at sea and redirect it to Indian refineries to “tamp down” fears of supply shortages and price spikes amid the ongoing West Asia conflict, Energy Secretary Chris Wright has said.
However, the move, he said is a short-term, pragmatic effort to stabilise the market and did not signal any change in Washington's policy towards Russia.
In an interview to CNN on Sunday (March 8, 2026), Mr. Wright said he, along with Treasury Secretary Scott Bessent, had spoken to Indian authorities about buying Russian crude cargoes currently waiting to be unloaded at Chinese refineries.
West Asia conflict oil hike, market reactions LIVE updates
"India has been a great partner through this. I did call up the Indians, as did Treasury Secretary (Scott) Bessent, and said there’s a whole bunch of oil floating waiting to unload at Chinese refineries.
"Instead of having it wait six weeks to unload there, let’s just pull that oil forward, have it land in Indian refineries and tamp this fear of shortage of oil, tamp the price spikes and the concerns we see in the marketplace,” he said.
Asian central banks face tough choices on interest rates amid rising oil prices and the escalating Iran conflict, impacting growth and inflation.
G7 Finance Ministers to discuss coordinated emergency oil reserve release amid surging prices and market instability.
Crude prices surge to $100 as investors sell off, causing Indian stock markets to drop 3% amid geopolitical tensions.
The U.S. urges India to purchase Russian oil at sea to alleviate supply fears amid ongoing West Asia conflict.
China’s commerce ministry on Saturday raised the possibility of another global semiconductor supply chain crisis due to “new conflicts” between Dutch chipmaker Nexperia and its Chinese subsidiary.
Sony will face a £2 billion ($2.7 billion) class action lawsuit starting Tuesday in London, accused of allegedly breaching competition law by overcharging millions of UK PlayStation users.
Oil prices eclipsed $114 per barrel for the first time since 2022 on March 9, 2026 as the Iran war intensified. Stock markets and forex markets
Asian equities drop sharply as oil prices surge 30% amid escalating West Asia conflict, raising inflation and economic concerns.
India’s renewable energy sector is in the midst of an extraordinary build-out. Capacity targets are being met, investments are flowing in, and the country has positioned itself as a global clean-energy leader. But beneath these headline achievements lies a troubling operational reality. Take the example of Rajasthan, where more than 4,000 MW of fully commissioned renewable capacity is unable to evacuate power during peak hours, due to grid congestion.
India seeks alternative crude oil supplies from the U.S., Russia, and West Africa amid ongoing West Asia conflict.
Sindhu Gangadharan emphasizes the need for women’s leadership in AI to ensure ethical, inclusive, and impactful technology development.
Room air conditioner prices will rise 5-15% ahead of summer due to increased raw material costs and new energy norms.
Explore the significance of the Strait of Hormuz and its impact on global oil trade, especially for India amidst rising tensions.