Business News | US Allows Countries to Buy Russian Oil Stranded at Sea to Ease Energy Markets Amid West Asia Crisis
Get latest articles and stories on Business at LatestLY. The United States has allowed countries to purchase Russian oil currently stranded at sea in a temporary move aimed at easing pressure in global energy markets following disruptions caused by the West Asia crisis.
Washington DC [US], March 13 (ANI): The United States has allowed countries to purchase Russian oil currently stranded at sea in a temporary move aimed at easing pressure in global energy markets following disruptions caused by the West Asia crisis.
According to Scott Bessent, US Treasury Secretary, the decision is part of efforts by the administration of Donald Trump to stabilise global oil markets and contain rising fuel prices.
In a social media post, Bessent said the measure would help increase the global availability of oil supply amid geopolitical tensions affecting energy markets.
"@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," Bessent said.
Also Read | Carol the Warrior Dies: Colombian Influencer Carolina Reyes Passes Away at 23 After Cancer Battle.
He added that the United States Department of the Treasury has issued a temporary authorisation allowing countries to buy Russian oil that is already in transit and currently stranded at sea.
"To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea," he said.
Bessent clarified that the move is narrowly tailored and will apply only to oil shipments that are already in transit.
"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," he said.
The announcement comes as global crude oil prices remain elevated due to escalating geopolitical tensions, particularly in the Middle East, which have raised concerns over disruptions to energy supply routes.
Benchmark Brent crude oil prices briefly surged toward USD 120 per barrel, marking a multi-year high amid fears that conflicts in the region could threaten oil supplies.
The surge in prices reflects intense geopolitical tensions in the Middle East that are affecting the stability of global energy markets.
Currently, crude oil prices are trading around USD 100 per barrel, which is approximately 35 per cent higher than pre-war levels.
Bessent also highlighted that the US administration's energy policies have contributed to strong domestic oil and gas production.
He said that President Trump's pro-energy policies have helped push US oil and gas output to record levels, which in turn has supported lower fuel prices for consumers.
"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," Bessent said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)