Blitz Bureau
NEW DELHI: The United States has announced a 30-day sanctions waiver permitting the sale of Iranian oil currently stranded at sea, in a move aimed at easing mounting pressure on global energy supplies triggered by the ongoing conflict with Iran. Taking to X, US Treasury Secretary Scott Bessent said the decision is intended to quickly stabilise global markets by unlocking already available oil supplies.
“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets,” he said. According to a licence issued by the US Treasury Department, the waiver allows the sale of Iranian crude oil and petroleum products that were already loaded onto vessels between March 20 and April 19.
Officials clarified that the authorisation is narrowly defined and does not extend to any new production or fresh purchases of Iranian oil. Bessent described the measure as a focussed intervention designed to offset supply disruptions caused by the ongoing conflict.
“This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” he said. He further noted that the move is expected to increase global supply and help ease upward pressure on prices,” Bessent added.
