The US Department of Treasury has issued a 30-day authorisation “permitting” countries to purchase Russian oil currently stranded at sea, broadening an initial waiver granted to India as the war in West Asia disrupted energy supplies. US Treasury Secretary Scott Bessent said on Thursday the decision was intended as a limited intervention to stabilise global markets.
Global Energy Markets
The measure is “a narrowly tailored, short-term measure” that applies only to oil already in transit and “will not provide significant financial benefit to the Russian government”, he said.
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“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” the Treasury Department post reads.
“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,” it added.
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Tracking the Floating Reserve
Analysts say large volumes of Russian crude are currently floating in global waters searching for buyers. Estimates suggest that between 125 million and 150 million barrels are presently at sea, with roughly one-third located near China and likely to move into storage.
Another 30–40 million barrels are headed to India and are expected to be consumed there, underscoring how Asian buyers remain central to absorbing Russian oil supplies amid shifting global trade patterns.
TOPICSCrude oilRussiaThis article was first uploaded on March thirteen, twenty twenty-six, at thirty-three minutes past eight in the night.