US, IEA's U-turn: Begs India to buy Russian oil amid global crisis after past condemnation
US, IEA's U-turn: Begs India to buy Russian oil amid global crisis after past condemnation
- •US and IEA, once critical of India's Russian oil purchases, now urge India to continue buying due to global crises like the Strait of Hormuz issue and inflation.
- •Fatih Birol of IEA praised India's support for market stability, a stark contrast to past condemnations and tariffs by leaders like Donald Trump.
- •US Treasury Secretary Scott Besant, who previously threatened India, now seeks waivers to ensure uninterrupted global oil supplies, admitting US helplessness.
- •India significantly increased its Russian oil imports by 50%, from 1.04 million to 1.5 million barrels per day, despite past US pressure.
- •Foreign Minister S. Jaishankar's discussions with Sergey Lavrov are believed to be centered on Russian oil, with analysts predicting India will soon buy 40-45% of its crude from Russia.
