Due to the ongoing war between America and Israel with Iran, the prices of crude oil across the world have increased beyond 100 dollars. To control this, the Trump administration has also given temporary permission to other countries to buy Russian oil stranded in the sea. Earlier, America had asked India to ease the restrictions to buy crude oil from Russia. However, Indian officials have said that India is not dependent on the permission of any country to buy oil. The US Treasury Department (Ministry of Finance) has issued a license on Thursday to allow buying oil only from ships stranded at sea. Under this, delivery and sale of those Russian crude oil and petroleum products can be done, which were loaded on ships before 12:01 am on March 12. This relaxation is given only till April 11. US Treasury Secretary Scott Besant said that its purpose is to increase the supply of oil around the world, so that rising prices can be controlled. America said- Russia will not benefit much. Treasury Secretary Scott Besant wrote on social media platform X that President Trump wants to bring stability in the global energy market. He said that this is a short-term decision and it will not bring any huge economic benefit to Russia. According to Besant, a large part of Russia’s income comes from the tax imposed at the time of oil extraction, whereas this exemption is only for the oil that is already in transit. Work on the Hormuz Route has come to a complete halt. Due to the war in the Middle East, the energy and transport sector has become completely disrupted. Especially on the Hormuz Route, through which 20% of the world’s oil passes, work has almost stopped. This is about 167 km long waterway, which connects the Persian Gulf to the Arabian Sea. In view of the danger, no oil tanker is passing through there. Countries like Saudi Arabia, Iraq and Kuwait also depend on it for their exports. India sources 50% of its crude oil and 54% of its LNG requirement through this route. Iran itself exports through this route. ————————– Also read this news… Second domestic LPG cylinder will be available in villages after 45 days: Government extended the time by 20 days to stop hoarding; Online booking stalled in MP. Due to America-Israel’s war with Iran, there is a shortage of LPG across the country. There are long lines outside gas agencies. Black marketing and hoarding of gas cylinders is also taking place, to stop which the government has again changed the booking rules. Now after purchasing the cylinder in rural areas, the next cylinder can be booked after 45 days. Petroleum Minister Hardeep Singh Puri told in Parliament that this decision has been taken to manage the supply in a better way and to stop unnecessary ‘panic booking’. Read the full news…
Source link
[ad_3]
America allows all countries to buy Russian oil: 30 days relaxation amid war, crude oil crosses $100 after 5 years
