Reliance Industries Ltd (RIL) share price increase by 2.5% on Friday, March 6, achieving its second day of gains in a row after US Secretary of the Treasury Scott Bessent revealed that the Treasury Department is providing a temporary 30-day exemption for Indian refiners to buy Russian oil. This action was taken as the US aims to stabilize global energy markets in light of escalating tensions in the Middle East.
Calling India a vital ally of the United States, Secretary Bessent mentioned that Washington expects New Delhi to increase its import of American oil. This temporary solution will help ease the strain created by Iran’s efforts to hold global energy supplies hostage, believes Secretary Bessent.
Bessent said on X platform, “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.”
“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea,” he added.
(more to come)