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Russian Oil Inventory Status
Volumes of Russian crude and condensate currently at sea.
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US extends sanctions waiver on Russian oil: Why it matters
The United States has announced another 30-day extension of a sanctions waiver for countries buying Russian oil and petroleum products currently already loaded on tankers at sea, as global energy markets have been roiled by the US-Israel war on Iran.In a post on X on Monday, Treasury Secretary Scott Bessent announced that the US would issue the extension “to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea”. It will last until June 17.Recommended Stories list of 3 itemslist 1 of 3Ukrainian drone attacks on Russia kill at least fivelist 2 of 3Russian drone hits Chinese ship off Ukraine before Putin meets Xi Jinpinglist 3 of 3‘China holds the cards’: Why Putin’s visit to Beijing after Trump mattersend of list“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” he wrote.“It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.The US issued its first 30-day sanctions waiver for Russian oil and petroleum products in March in a bid to stabilise global energy markets after crude oil prices surged above $100 per barrel in the wake of US-Israeli strikes on Iran. In April, Bessent told The Associated Press news agency that Washington had no plans to renew the waiver.But energy markets have failed to stabilise amid ongoing negotiations for a peace proposal between the US and Iran, as well as the closure of the Strait of Hormuz, a vital waterway through which about 20 percent of global oil and gas is shipped during peacetime, and the US naval blockade of Iranian ports. The closure of the strait, which is the only sea route from the Gulf to the open ocean, has “walled in” 20 million barrels of Gulf oil per day, George Voloshin, an independent energy analyst based in Paris, told Al Jazeera in March.Furthermore, European sanctions on Russian oil – imposed since the start of the 2022 invasion of Ukraine – remain in place.Will the US waiver extension help stabilise the energy market? What does this mean for Russia? Here’s what we know:How much Russian oil is at sea?According to analytics firm Kpler, there is currently about 113 million barrels of oil or liquid volume (Mbbl) of Russian crude and condensate loaded on ships and at sea...
US extends sanctions waiver on Russian oil as supply crunch pushes up ...
The US has announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil to aid “energy-vulnerable” countries hit by the Iran war, reversing plans not to grant an extension.Treasury secretary Scott Bessent said the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe US sanctions on Russian oil majors, he said.“This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said.Bessent, who last month told the Associated Press that no further extension of the Russian oil sanctions waiver was planned, on Monday argued that the measure would help reroute existing supply to countries most in need, allowing them to compete with China for previously sanctioned oil.The action marks the second time the Treasury has allowed the sanctions waiver to lapse and subsequently extended it.Two senior Democratic senators, Jeanne Shaheen of New Hampshire, and Elizabeth Warren of Massachusetts, blasted the move as an “indefensible gift” to Russian President Vladimir Putin.“Every additional dollar the Kremlin earns from this license helps Putin finance his illegal war against Ukraine and kill innocent Ukrainians,” they said in a statement. They said the US sanctions relief was also not driving down gasoline prices at home or stabilising global energy markets.The Trump administration last year slapped sanctions on Russian oil majors Rosneft and Lukoil to pressure Russia to end its war in Ukraine by depriving vital oil revenues to Moscow.But after US-Israeli attacks on Iran drove up global oil prices, the Treasury first issued the temporary licence in March in an attempt to ease oil supply shortages and mitigate price spikes by releasing sanctioned Russian oil and petroleum products stranded in tankers. The waivers do not apply to oil now being pumped by Russia.Analysts said the short-term waivers may help some individual countries dependent on Gulf oil supplies, but would do little to drive down US gasoline prices. “It is not yet clear whether these short-term authorizations have had any meaningful impact on U.S. gasoline prices,” said Stephanie Connor, a former policy director at the Treasury’s Office of Foreign Assets Control,adding that British and European sanctions on Russian oil purchases remain in place.As i...
US Extends Sanctions Waiver on Russian Seaborne Oil Amid Strait of ...
The US Treasury Department has extended a sanctions waiver allowing trade in Russian seaborne oil for another 30 days, citing the need to support vulnerable nations and stabilize global crude supplies amid disruptions from the Iran conflict. Treasury Secretary Scott Bessent announced the decision, saying the temporary general license would help countries access Russian oil currently stranded ...
US Extends Sanctions Waiver on Russian at-Sea Oil by 30 Days
The US Treasury secretary on Monday said Washington was extending by 30 days its sanctions waiver for Russian oil cargoes already at sea, as global energy prices continue to surge due to the Iran war. The latest "temporary 30-day general license" will "provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea," Treasury Secretary Scott ...
