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The biggest and internationally shocking news of this time is coming out from the energy and oil-gas markets around the world. Amidst the ongoing fierce war between America and Iran, a huge decision is going to be taken that will affect the global economy. US Secretary of State Marco Rubio has clearly indicated during a very important hearing of the US Congress that America is planning to completely end its special sanctions waiver on the purchase of Russian oil very soon. Let us tell you that India has been among the selected and prominent countries of the world which took maximum advantage of this American exemption, because due to this temporary relief, Indian refineries got a big opportunity to resume purchasing cheap crude oil from Russia in record quantities.
Temporary relief was given due to blockade of Strait of Hormuz, now the time limit is ending
Speaking before the US Senate Foreign Policy Committee, Foreign Minister Marco Rubio clarified that the current exemption given on Russian crude oil was an emergency arrangement implemented only for a limited time. It was approved by the US administration only to reduce the huge disruption in global oil supplies caused by the blockade of the strategically important Strait of Hormuz due to the war between the US-Israel and Iran and to curb skyrocketing international prices. Marco Rubio said in strong words that the US wants to end this exemption as soon as possible because Washington’s basic policy has been to impose the strictest sanctions on Russia’s oil exports. America first announced this exemption in March this year, after which it was extended twice and now its last deadline is going to end on June 17. The US Treasury Department will give the final approval on whether it should be taken forward or not.
India’s tension will increase: Russian oil had to be stopped earlier also after Trump’s 25% additional tariff
With the end of this special American exemption, the crude oil crisis and import cost calculations for India may once again get seriously disturbed. It is noteworthy that India had earlier taken a major decision to completely stop purchasing oil from Russia after heavy pressure from the additional 25% tariff imposed by US President Donald Trump. At that time, President Trump had directly accused India of providing financial funding to Russian President Putin for the Ukraine war. According to official White House documents, India had made a major commitment to stop purchasing crude oil from Russia under a key bilateral trade agreement with the US, in return for which President Trump had withdrawn the additional 25% tariff imposed on Indian products.
Big American move to increase inclination towards Venezuela, after June 17, refineries will have to find new routes
The US has been continuously motivating and encouraging India to buy crude oil from Venezuela under the condition of stopping oil imports from Russia, especially after the US military raid in Venezuela and the capture of its President Nicolas Maduro. Let us tell you that on February 28, when a direct war broke out between America and Iran, Tehran retaliated by completely blocking the Hormuz waterway. This sea route is considered the main lifeline of 20% of the world’s oil and gas supply and about 40% of the entire South Asia’s oil and gas supply. It was only after this route from the Gulf countries was closed that America gave emergency relief to India and gave it this temporary exemption to buy Russian oil. Experts say that after this exemption ends on June 17, America will once again push India towards the Venezuelan oil market, in connection with which Venezuela’s interim President Delsey Rodriguez is going to visit America on a very important visit this week. If the US Treasury Department does not extend this exemption, Indian oil companies will have to explore new strategic avenues and new options to meet their domestic needs.
