Washington, March 21: In the wake of escalating tensions between Iran and Israel, many countries are facing disruptions in oil supply. To alleviate the mounting pressure on global energy supplies and prevent rising oil prices, the United States has announced a significant measure. The U.S. has granted a temporary 30-day license for the sale of Iranian oil that has been stranded at sea.
This license applies only to oil tankers that were loaded between March 20 and April 19. It does not cover new oil production or purchases.
U.S. Treasury Secretary Scott Basset shared on X that the aim of this decision is to stabilize global markets quickly by releasing already available oil supplies. He stated that this temporary exemption would bring approximately 140 million barrels of oil into the global market.
According to a license issued by the U.S. Treasury Department, this exemption allows for the sale of Iranian crude oil and petroleum products that were already loaded onto ships between March 20 and April 19. Officials clarified that this license is very limited and does not extend to any new production or purchases of Iranian oil.
Basset described this measure as a focused intervention designed to address supply disruptions caused by the ongoing conflict. He emphasized, “This temporary, short-term license is strictly limited to oil that is already in transit and does not permit new purchases or production.”
This exemption marks the third such relief granted in recent weeks, following measures related to Russian oil supplies. Basset noted that the administration has already taken steps to bring a significant volume of oil into the global market, totaling 440 million barrels.
He remarked, “The Trump administration is working to bring approximately 440 million additional barrels of oil into the global market.” He accused Iran of attempting to exploit disruptions in crucial maritime routes. Basset stated, “The purpose of this exemption is to stabilize markets without reducing overall sanctions. Iran is involved in promoting global terrorism, and U.S. actions are rapidly succeeding in controlling this. Comprehensive sanctions will remain in place, and Iran will not have easy access to oil revenues.”
U.S. Treasury Secretary Scott Basset also mentioned, “China is accumulating Iranian oil at low prices. The Trump administration will continue to leverage America’s economic and military strength to ensure maximum energy flow worldwide.” Since the onset of the conflict, the global oil supply has been significantly impacted by vital waterways like the Strait of Hormuz, which remains under constant U.S. surveillance.
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Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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