Washington: Amidst the changing geo-political equations, a news has come which has surprised everyone. Till yesterday, America had tried its best to stop India from buying Russian oil, today itself is requesting India for help. US Energy Secretary Chris Wright, while revealing America’s new ‘Oil Diplomacy’, has said that he has contacted his ‘friendly country India so that it can buy Russian oil stranded in the sea. With this step of India, the rising prices of petrol and diesel across the world will be controlled.

Due to the ongoing war in the Middle East and supply stoppage in the Strait of Hormuz, the pressure on America has increased so much that it has to ignore its old policies and take the help of India’s ‘Oil Diplomacy’.

Why did America change its course?

Till last year, the Trump administration was pressurizing India not to buy Russian oil, but now the situation has changed.

• Price pressure: Due to the war between Iran and Israel, crude oil prices have reached the highest level in 2 years.
• Supply crisis: Due to the closure of the Strait of Hormuz, refineries around the world are not getting oil.
• India’s important role: America believes that if India buys oil from Russian tankers parked at sea and takes it to its refineries, it will remove the shortage of oil in the global market and reduce the pressure on other countries.

What is the 30 day ‘special discount’?

The US Treasury Department has issued a special exemption of 30 days for Indian refineries. Under this, India can buy oil from those Russian ships which are currently stranded in the sea. Chris Wright has called it a ‘practical solution’ so that oil supply can be maintained throughout the world.

Breaking: US has reached out to India for help to reduce oil prices

“We have reached out to our friends in India to buy stored Russian oil. That pulls oil into Indian refineries and releases pressure on other global refineries,” says US Energy Secretary Chris Wright. pic.twitter.com/O999HcpNoy