US May Allow More Russian Oil Exports to Ease Global Energy Shortfall
This comes after a recent U.S. move to grant a 30-day waiver permitting Indian refiners to purchase Russian oil as a stopgap measure to maintain energy flows worldwide.
“The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did,” Bessent said.
He explained that India intended to substitute these purchases with U.S. crude, but the Treasury Department allowed limited imports of Russian oil to alleviate the supply gap.
Bessent added that officials are reviewing whether further sanctioned Russian crude could be made available to the market.
“We may unsanction other Russian oil,” he said. "There are hundreds of millions of barrels of sanctioned crude on the water ... by unsanctioning them, Treasury can create supply.”
He also noted that the administration intends to continue announcing measures designed to ease pressure on global energy markets.
These statements come amid heightened tensions in the Middle East, which have disrupted shipping through the Strait of Hormuz, a key route for global oil trade. Shipping slowed sharply following U.S. and Israeli strikes on Iran and subsequent retaliatory attacks by Tehran, contributing to rising crude prices and concerns over supply stability.
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