Washington: Chris Wright said allowing Indian refineries to process Russian crude oil is a pragmatic step aimed at stabilising global energy markets, stressing that the move does not signal any change in Washington’s sanctions policy toward Russia.

Speaking in an interview on Fox News on Sunday, Wright said the decision reflects the realities of energy supply chains in Asia as the market adjusts to geopolitical disruptions.

“Russia's oil remains sanctioned. There's no change in policy towards Russia,” Wright said.

He explained that large volumes of Russian crude are currently waiting in Asian waters as shipping routes and trade flows adapt to sanctions and shifting market conditions.

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According to Wright, numerous oil tankers carrying Russian crude have been delayed, leaving significant quantities of oil offshore while refineries across Asia look for supply.

“So there's a lot of Russian oil that's just hanging out on the water in Asia, and it's in Asia where the refineries are looking for oil,” he said.

Allowing India to process the crude would help accelerate supply movement in the market rather than waiting for shipments to reach other destinations.

“So we just made a pragmatic decision instead of waiting at the gas pump for another, you know, month or two to arrive in China, let's pull that oil into Indian refineries right now,” Wright said.

He noted that India’s refining sector plays a significant role in regional fuel supply. Indian refineries not only meet domestic demand for more than 1.4 billion people but also export petroleum products across Asia.

Wright also rejected criticism that the move could ease pressure on Moscow during the ongoing geopolitical tensions involving Russia.

“So, it's just a pragmatic decision. It's no change in Russia, it just speeds up some sales that were gonna happen anyway,” he said.

The remarks come as global energy markets react to instability around the Strait of Hormuz, a key transit route for oil shipments from the Gulf region.

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Wright said the United States expects energy shipments through the strait to stabilise soon as efforts continue to ensure the flow of oil, natural gas, fertiliser and other commodities from Gulf producers.

“The plan is to get oil and natural gas and fertiliser and all the products from the Gulf flowing through the straits,” he said.

He added that the recent surge in oil and fuel prices has been driven largely by market sentiment rather than actual shortages.

“Energy markets are massively well supplied right now. The runup in prices has nothing to do with any shortage of barrels of oil or natural gas. It's just fear and perception,” Wright said.

The energy secretary predicted that the current volatility in global oil prices is likely to be temporary and may ease once geopolitical tensions subside and normal trade flows resume.

Wright also defended the broader energy strategy of Donald Trump, describing it as an “energy dominance agenda” aimed at boosting production and stabilising global energy markets.

“The United States is a net exporter of oil and natural gas,” he said, adding that increased supply from the US is expected to help stabilise global energy prices.

IANS