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US Temporarily Permits Purchase of Stranded Russian Oil
(MENAFN) The United States on Thursday declared it has provisionally approved the acquisition of Russian oil stuck at sea in an effort to stabilize global energy markets, according to reports from a news agency.
As of March 12, there are nearly 124 million barrels of Russian-origin crude floating across 30 sites worldwide, the news agency reported, which is sufficient to supply roughly five to six days of consumption.
"The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," US Treasury Secretary Scott Bessent stated.
He highlighted that the Russian oil being purchased is already immobilized at sea following Iran’s closure of the Strait of Hormuz, labeling the initiative a "narrowly tailored, short-term measure" that pertains exclusively to oil already in transit.
Oil prices have surged dramatically since the onset of the Iran conflict. Prior to the war, crude oil traded between $60 and $70 per barrel. As of earlier this week, prices have nearly doubled, reaching $100 to $120 per barrel.
Bessent stressed that this temporary arrangement will not offer "significant financial benefit to the Russian government."
As of March 12, there are nearly 124 million barrels of Russian-origin crude floating across 30 sites worldwide, the news agency reported, which is sufficient to supply roughly five to six days of consumption.
"The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," US Treasury Secretary Scott Bessent stated.
He highlighted that the Russian oil being purchased is already immobilized at sea following Iran’s closure of the Strait of Hormuz, labeling the initiative a "narrowly tailored, short-term measure" that pertains exclusively to oil already in transit.
Oil prices have surged dramatically since the onset of the Iran conflict. Prior to the war, crude oil traded between $60 and $70 per barrel. As of earlier this week, prices have nearly doubled, reaching $100 to $120 per barrel.
Bessent stressed that this temporary arrangement will not offer "significant financial benefit to the Russian government."
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