Thiruvananthapuram (Kerala) [India], March 21 : Congress MP Shashi Tharoor on Saturday highlighted the severe impact of the ongoing West Asia crisis on global oil supplies and prices, stressing the urgency for the conflict to end.
Speaking to ANI, Tharoor said, "Because of the war, oil supplies, oil production, and oil exports are affected. The result is that prices are going up...We have to do everything possible to reduce prices. The American sanctions on Russian oil and Iranian oil have been waived so that people can buy that and thereby prices go down...Even then, because of the war, the normal amount of oil in the market is not there. So it is still a very serious issue...We are facing a crisis everywhere, not just in India, the entire region and beyond. When oil prices go up, the whole world is affected...As one of the world's largest consumers of oil, we will be purchasing wherever we can."
He further explained the scale of India's consumption, saying, "Two tankers will give you one day supply, one and a half day supply. India is a big country. Our consumption is very high...This effect is already affecting everybody. We want this war to end as soon as possible. The urgency of publicly calling for the war to end cannot be greater."
Meanwhile, Iran's Oil Ministry has contradicted the US move to ease sanctions on Iran's crude oil, which is loaded on vessels as of March 20.
In a statement issued by Iran's consulate in Mumbai, it was said, "At present, Iran essentially has no floating crude or surplus available for international markets. The U.S. Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
The denial from the Iranians could further spook an already volatile market that has seen Crude Oil prices spike as the West Asia conflict is poised to enter its fourth week.
Earlier, the United States on Friday (local time) announced temporarily easing of sanctions on Iranian-origin crude oil and petroleum products up until April 19 this year, including permitting the sale of Iranian crude and refined products into the United States. The details of the decision were provided by a statement from the US Department of the Treasury's Office of Foreign Assets Control, which authorised the delivery and sale of crude oil and petroleum products of Iranian-origin, which are loaded on vessels as of March 20.
The statement noted 19 April 2026 as the date till which the exceptions would exist on Iranian-origin crude oil and petroleum products.