Blitz Bureau
NEW DELHI: Global oil prices cooled down marginally on March 13 after the US announced a 30-day waiver, allowing all countries to purchase Russian oil. Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.
US Secretary of Treasury, Scott Bessent, said on X that “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea”. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent posted.
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, he added. The US waiver applies to Russian-origin crude oil and petroleum products loaded on vessels — on or before 12:01 am Eastern Daylight Time on March 12.
Earlier on March 11, the US announced the release of 172 million barrels from its strategic petroleum reserves. Meanwhile, the Indian government said that crude supply position is secure, and volumes secured exceed what Hormuz would have delivered.
Before this crisis, approximately 45 per cent of India’s crude imports transited the Hormuz route.
