US Temporarily Permits Purchase of Stranded Russian Oil
As of March 12, there are nearly 124 million barrels of Russian-origin crude floating across 30 sites worldwide, the news agency reported, which is sufficient to supply roughly five to six days of consumption.
"The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," US Treasury Secretary Scott Bessent stated.
He highlighted that the Russian oil being purchased is already immobilized at sea following Iran’s closure of the Strait of Hormuz, labeling the initiative a "narrowly tailored, short-term measure" that pertains exclusively to oil already in transit.
Oil prices have surged dramatically since the onset of the Iran conflict. Prior to the war, crude oil traded between $60 and $70 per barrel. As of earlier this week, prices have nearly doubled, reaching $100 to $120 per barrel.
Bessent stressed that this temporary arrangement will not offer "significant financial benefit to the Russian government."
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