Source : INDIA TODAY NEWS
The US Treasury Department has extended its sanction’s waiver on Russian seaborne oil for another 30 days after several countries sought additional time to continue purchasing Russian crude, a source familiar with the matter said on Monday.
The waiver, which expired on Saturday, was originally introduced to ease global oil supply concerns and rising fuel prices following Iran’s closure of the Strait of Hormuz during the ongoing US-Israeli offensive. However, the measure has reportedly done little to bring down petrol prices in the United States.
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“@USTreasury is issuing a temporary 30-day general licence to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea. This extension will provide additional flexibility, and we will work with these nations to provide specific licences as needed. This general licence will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” tweeted Scott Bessent, the Secretary of US Treasury.
He also added that it will help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil.
The extension comes amid heightened concerns over global energy supplies and shipping disruptions linked to tensions in West Asia.
Earlier in the day, India signalled that it would continue purchasing Russian crude irrespective of the status of the US sanctions waiver, underlining that energy security and commercial considerations remain its priority.
“Regarding the American waiver on Russia, I would like to emphasise that we purchased from Russia earlier, before the waiver also, during the waiver also, and now also,” Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said during a media briefing, as quoted by Reuters.
Her remarks came after concerns grew over the Trump administration allowing parts of the sanctions waiver framework linked to Russian seaborne oil to lapse recently.
Sharma said India’s crude oil buying decisions were driven by market realities and supply availability.
India has emerged as one of the largest buyers of discounted Russian crude since Western sanctions were imposed on Moscow following the Ukraine conflict. Rising tensions around the Strait of Hormuz, one of the world’s most critical oil shipping routes, have further intensified concerns over global energy prices and supply chains.
Global crude oil prices remained elevated amid ongoing tensions in West Asia and growing concerns over potential supply disruptions around the Strait of Hormuz.
As of 4:15 PM, Brent crude was trading at USD 110.28 per barrel, up 0.93 per cent, while WTI crude gained 0.85 per cent to reach USD 106.32 per barrel.
Oil markets have remained volatile in recent days after attacks linked to the conflict in West Asia intensified fears of disruptions to global energy supply chains and shipping routes.
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SOURCE :- TIMES OF INDIA
