The US on Thursday issued a 30-day waiver for nations to buy sanctioned Russian oil and petroleum products stranded at sea, in what US Secretary of the Treasury Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war.
Oil prices eased yesterday morning in Asia after the US waiver announcement. The move was the latest attempt by US President Donald Trump’s administration to tame energy prices after the US and Israeli strikes on Iran and the subsequent response by Tehran widened regional tensions and paralyzed shipping through the Strait of Hormuz, disrupting vital Middle East oil and gas flows and sending energy prices higher.
Washington on Wednesday had announced that it would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran. That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil.
Photo: Reuters
The IEA earlier on Thursday said that the war in the Middle East was creating the biggest oil supply disruption in history. The license issued by Washington authorizes the delivery and sale of Russian crude oil and petroleum products loaded on vessels as of Thursday and is valid until midnight in Washington on April 11, according to the text of the license posted on the US Department of the Treasury’s Web site.
The move reflects White House worries that the surge in oil prices after nearly two weeks of US and Israeli strikes on Iran would hurt US businesses and consumers ahead of the November midterm elections, when Trump’s fellow Republicans hope to retain control of the US Congress.
Bessent, in a statement released hours after benchmark oil prices shot above US$100 a barrel, said the measure was “narrowly tailored” and “short term,” and would not provide significant financial benefit to the Russian government.
There were about 124 million barrels of Russian-origin oil on water across 30 different locations globally as of Thursday, Fox News reported, adding that the US license would provide about five to six days of supply when taking into account the daily loss of oil from the Strait.
Even as the sanctions reprieve was expected to boost world supplies of oil, it could also complicate the West’s efforts to deprive Russia of revenue for its war in Ukraine and put Washington at odds with its allies.
European Commission President Ursula von der Leyen, after participating in a call with G7 leaders on Wednesday to discuss the impact of the Iran war on oil and gas markets, said now was not the time to relax sanctions against Russia.
Russian presidential envoy Kirill Dmitriev on Thursday said that he had discussed the energy crisis with a US delegation that included Trump’s special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner at a meeting in Florida.
The US Department of the Treasury previously issued a 30-day waiver on Thursday last week specifically for India, allowing New Delhi to buy Russian oil stuck at sea. Trump has also ordered US International Development Finance Corp to provide political risk insurance and financial guarantees for maritime trade in the Gulf, and said the US Navy could escort ships in the region.
In another attempt to control prices, the Trump administration is considering temporarily waiving a shipping rule known as the Jones Act to ensure energy and agricultural products can move freely between US ports, the White House said. Waiving the rule would allow foreign ships to carry fuel between US ports, potentially lowering costs and speeding deliveries.
“The president is taking every action he can to lower prices ... and you’re going to see more and more in the days to come,” White House Deputy Chief of Staff Stephen Miller told Fox News’ Primetime program on Thursday.
Trump said earlier on Thursday said that the US stood to make significant money from oil prices driven higher by the war, prompting criticism from some lawmakers who accused him of caring only about rich people.
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