US considers lifting sanctions on Russian oil – US treasury secretary
US Treasury Secretary Scott Bessent has said the administration is considering lifting sanctions on Russian oil to increase supply on the global market and avoid shortages.
Source: Bessent in an interview with Fox Business
Details: Bessent said the US must respond to a critical shortage of crude oil.
On 6 March, the US granted India a 30-day permit to purchase Russian oil currently held on tankers at sea.
Quote: "We may unsanction other Russian oil. The other thing Treasury can do here, Larry, is there are hundreds of millions of sanctioned barrels of sanctioned crude on the water, and, in essence, by unsanctioning them, Treasury can create supply, and we are looking at that. We're going to keep a cadence of announcing measures to bring relief to the market during this conflict."
Background:
- Global energy markets have been under pressure since 28 February, when Iran, in response to strikes by the US and Israel, attacked several countries in the Middle East and blocked the Strait of Hormuz.
- On 2 March, the price of Brent crude jumped 13% to over US$82 per barrel, with markets preparing for potential supply disruptions.
- By 6 March, oil prices had surged past US$90 a barrel after Qatar's energy minister warned that all oil and gas exporters in the Gulf could halt production within days.
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