US, Mar 09 : Amid escalating tensions in West Asia and concerns over supply disruptions, the United States says it is coordinating with key international partners to safeguard global energy market stability.
Scott Bessent stated that the administration of Donald Trump is engaging with leading oil producers, consumers and refiners worldwide to prevent volatility in global energy markets.
“The United States is the biggest and most powerful economy in the world. Under the President’s leadership, we are working with the world’s largest producers, consumers and refiners to maintain stability in the world’s energy markets while we eliminate threats to our safety and security,” Bessent wrote on social media.
He also thanked international partners cooperating with Washington, describing the effort as a “shared purpose” aimed at ensuring steady energy supplies during a period of geopolitical uncertainty.
Policy shift amid global supply concerns
Bessent’s remarks come at a time when the ongoing tensions in West Asia are placing pressure on the global oil supply chain. Analysts say the situation has heightened concerns about price volatility and possible disruptions to energy shipments.
The Treasury secretary’s tone appeared more conciliatory than some earlier comments from the administration, signalling an effort to reassure global partners and energy markets.
Temporary waiver for India to buy Russian oil
Bessent also addressed the administration’s decision to grant a limited waiver allowing India to purchase certain shipments of crude from Russia.
Speaking in a television interview, he said the move was designed to ease short-term supply pressures rather than benefit Moscow financially.
According to Bessent, the measure permits transactions involving Russian oil cargoes that were already at sea when the waiver was granted. He stressed that the policy is temporary and aimed at preventing gaps in global supply.
“Our allies in India have previously stopped buying sanctioned Russian oil. To address the temporary supply gap, we allowed them to accept shipments that were already on the water,” he said.
Political debate in India over US waiver
The waiver has triggered political debate in India. Critics from the opposition Indian National Congress accused the government of allowing Washington undue influence over the country’s economic and foreign policy decisions.
The administration, however, maintains that the step was taken to stabilise global supply conditions and ensure energy markets continue to function smoothly during a period of geopolitical tension.
Experts say cooperation between major oil producers and consumers will remain critical in preventing disruptions to the global energy system in the coming months.