US extends sanctions waiver on Russian oil: Why it matters
Summary
The United States has extended a 30-day waiver allowing some countries to buy Russian oil that was already on ships at sea, aiming to help vulnerable nations access energy amid disruptions caused by the US-Israel conflict with Iran. The extension, set to last until June 17, also seeks to stabilize global oil markets and limit China’s ability to stockpile discounted Russian oil.Key Facts
- The US announced a 30-day extension of a sanctions waiver for Russian oil on tankers already at sea, lasting until June 17.
- The waiver helps vulnerable countries access oil and aims to stabilize the global crude oil market.
- It also intends to reduce China’s ability to accumulate discounted Russian oil supplies.
- The first 30-day waiver was issued in March after oil prices surged due to US and Israeli strikes on Iran.
- Energy market instability continues due to the US-Iran conflict and closure of the Strait of Hormuz, a key oil shipping route.
- About 113 million barrels of Russian oil are currently loaded on ships at sea.
- India and China remain major buyers of Russian crude despite US pressure.
- Russian oil exports to India recently increased to over 2 million barrels per day, while exports to China remain strong.
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