United States - Ekhbary News Agency
US Reissues Waiver for Russian Oil Shipments
The U.S. Treasury Department on Friday issued a new general license allowing the delivery and sale of sanctioned Russian seaborne crude oil and petroleum products. This decision is part of the U.S. administration's efforts to mitigate rising global energy prices amidst ongoing international developments.
Details of the New License
The license, published on the Treasury Department's website, exclusively applies to Russian crude oil and petroleum products loaded onto vessels starting April 17 and permits their transit until May 16. This follows the expiration of a previous exemption on April 11.
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Market Pressures and Rationale
The issuance of the new license came just two days after the U.S. Treasury Secretary indicated the administration would not renew the general license for Russian oil. A Treasury spokesperson stated the goal is to ensure oil availability for those who need it as negotiations progress. An informed source suggested that partner countries had requested the extension due to persistent pressures in Asian markets, on the sidelines of International Monetary Fund and G20 meetings.
Impact on Oil Prices
Friday's exemption coincides with a notable drop in oil prices over the weekend, following statements by Iran's Foreign Minister regarding the Strait of Hormuz. The global benchmark Brent crude saw a significant decline, reaching its lowest point since early March.
