With this permit, approximately 140 million barrels of crude oil are expected to enter the global market.
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The US has granted a temporary 30-day permit to buy and sell Iranian oil at sea in an effort to control rising oil prices.
The US has granted a temporary permit to sell Iranian crude oil and petroleum products loaded on ships until April 19. With this permit, about 140 million barrels of crude oil are expected to enter the global market. It is claimed that it will help reduce rising energy prices and reduce supply pressure.
US Treasury Secretary Scott Besant wrote on social media that the limited and short-term permit has been issued to sell Iranian oil stuck at sea.
'Banned Iranian oil is being stored by China at cheap prices. This temporary decision will add about 140 million barrels of oil to the global market, which will help increase energy supplies and reduce temporary pressure caused by Iran,' he said. He also said that a price control strategy will be adopted using Iranian oil.
The temporary permit is only for oil that has been shipped as of Friday, and US Treasury Secretary Besant has clarified that it does not authorize new purchases or production.
The US is trying to bring an additional 440 million barrels of oil to the world market, aiming to reduce the impact of Iran's blockade of the Strait of Hormuz waterway. The US had previously eased sanctions on Russian oil.
