US License Unlocks 20 Million Barrels of Russian Oil Amid Iranian Conflict
Synopsis
A new US waiver allows the sale of nearly 20 million barrels of Russian oil, potentially stabilizing soaring prices. The ongoing Iranian conflict adds urgency to this development.
Key Takeaways
US waiver frees 20 million barrels of Russian oil.
Expected to stabilize prices above $100 per barrel.
India and China lead in purchasing Russian crude.
Waiver extends previous 30-day allowance to Indian refiners.
Implications of the Iranian conflict on global oil supply.
New Delhi, March 13 (NationPress) A recent waiver from the US permitting the purchase of seaborne Russian crude has instantly liberated approximately 20 million barrels of oil currently aboard vessels. This development is anticipated to help stabilize surging prices, which have surpassed the $100 per barrel threshold in the global market, particularly in light of the ongoing tensions in Iran.
At present, around 25 ships are transporting Russian crude oil while an additional five ships are loaded with petroleum products. These vessels can be promptly redirected to locations where demand is surging.
This provisional waiver is an extension of the initial 30-day waiver issued by the Trump administration, aimed at Indian refiners to facilitate the purchase of Russian oil, ultimately increasing the crude supply in the market to help lower prices.
India and China have emerged as the principal purchasers of Russian crude, a trend which has contributed to controlling international prices, as both nations rank among the largest oil importers.
On Thursday, the Trump administration unveiled a new license that allows countries to temporarily acquire specific Russian oil products.
“In an effort to enhance the global distribution of available supply, the @USTreasury is issuing a temporary authorization that enables nations to buy Russian oil currently stranded at sea,” Treasury Secretary Scott Bessent stated on social media.
“This narrowly defined, short-term measure pertains solely to oil already in transit and will not yield significant financial advantages for the Russian government, which predominantly relies on taxes collected at the extraction point for its energy revenue.”
The license, available on the US Treasury website, applies exclusively to Russian crude or petroleum products loaded onto ships as of March 12. It permits these shipments until April 11.
This announcement comes amid heightened tensions as Iran's new leadership has signaled intentions to shut the Strait of Hormuz, a critical passage for 20% of the world's oil exports.
The conflict in Iran has now entered its second week, marked by escalating missile strikes and attacks targeting oil infrastructure in Middle Eastern nations and commercial vessels operating in the region.
Point of View
This waiver represents a strategic maneuver in the global oil market, aimed at stabilizing prices during a period of geopolitical tension. By allowing the sale of stranded Russian oil, the US is seeking to mitigate the impact of rising prices on consumers and maintain a balance in international oil supply.
NationPress
28 Jun 2026
Frequently Asked Questions
What is the significance of the US waiver for Russian oil?
The US waiver allows for the sale of approximately 20 million barrels of Russian oil, which is expected to help stabilize rising global oil prices amidst ongoing geopolitical tensions.
How does this waiver affect oil prices?
By increasing the availability of Russian oil in the market, the waiver aims to alleviate pressure on soaring oil prices that have surpassed $100 per barrel.
Which countries are the main buyers of Russian crude?
India and China have been the primary buyers of Russian crude, significantly influencing global oil prices due to their large import volumes.
What are the implications of the Iranian conflict on oil supply?
The Iranian conflict has raised concerns about oil supply stability, particularly since Iran has threatened to shut down the Strait of Hormuz, a vital route for global oil exports.
When does the waiver for Russian oil shipments expire?
The waiver allows for shipments of Russian crude and petroleum products until April 11, with a specific focus on oil loaded onto ships as of March 12.
