The global price of Brent crude oil rose sharply to 111 dollars per barrel due to a shortage in crude oil supply, creating concern among many countries around the world. Earlier reports said that the United States had allowed countries buying crude oil from Russia to continue purchases only until May 16 or 17. However, the US has now extended this permission for another one month. With this extension, countries including India can continue purchasing Russian crude oil transported through sea routes.
US Treasury Secretary Scott Bessent said in a social media post that a temporary 30-day general license would be given. This would help countries affected by rising crude oil prices to receive Russian oil shipments that are currently stuck at sea. The announcement from the United States is expected to help reduce the pressure on crude oil prices. The extension will also benefit Indian oil refineries that depend on Russian crude imports. Meanwhile, a senior official from India’s Petroleum Ministry stated yesterday that India will continue buying crude oil from Russia despite US sanctions or restrictions. The official added that India’s decision is based on the country’s energy security and business needs, and this approach is likely to continue in the future.
