The US Treasury Department on Friday temporarily lifted sanctions on Iranian oil already loaded on ships in an attempt to stem a supply crisis. This is according to a statement from the ministry, writes the AFP news agency.
The permit allows for the delivery and sale of Iranian crude oil and other petroleum products that were loaded on ships before March 20. It is valid until April 19, it says.
The Treasury Department's Office of Foreign Assets Control, OFAC, is responsible for issuing the permit. It comes after a similar measure regarding Russian oil stranded at sea.
According to AFP, US Treasury Secretary Scott Bessent said on Thursday that they were considering temporarily lifting sanctions on Iranian oil. In a statement Friday, Bessent described the move as a narrowly defined, short-term authorization.
It follows President Donald Trump's goal of "maximizing energy supplies to the world" and ensuring market stability, he said.
- Currently, sanctioned Iranian oil is being hoarded by China at low prices, Bessent said.
- By temporarily releasing this existing supply to the world, the United States will quickly bring about 140 million barrels of oil onto global markets, expanding the world's energy supply and helping to relieve the temporary pressure on supplies caused by Iran.
However, Saman Ghoddoosi, a spokesman for Iran's Oil Ministry, said on Friday that the country has no excess crude to offer to international markets, according to AFP.
- At present, Iran has virtually no excess crude left at sea or for delivery to other international markets, and The US Treasury Secretary's statement is solely aimed at giving hope to buyers, he said.
The US permit does not apply to the delivery of oil to Cuba, North Korea or occupied territories in Ukraine.
/ritzau/
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