The United States has issued a temporary 30-day waiver allowing countries to purchase Russian oil stranded at sea, in a strategic move aimed at stabilizing global oil prices. U.S. Treasury Secretary Scott Bessent confirmed the measure early Friday, March 13, 2026, on his X account, emphasizing that the authorization targets shipments already in transit and does not benefit Russia financially.
“This temporary authorization permits the sale of Russian oil currently stranded at sea, expanding the global supply without providing significant revenue to Moscow,” Bessent explained. The waiver is narrowly defined, covering only oil already moving through international waters, while geopolitical disruptions and existing sanctions have prevented these shipments from reaching buyers.
The latest waiver comes as tensions escalate in the Middle East following combined U.S. and Israeli military strikes on Iran, prompting oil tankers to avoid the strategic Strait of Hormuz. This has led to significant volatility in the global energy market, with oil prices briefly reaching $119 per barrel before stabilizing. Countries like Nigeria and India have felt the ripple effects, adjusting fuel prices to manage the supply crunch.
This policy shift builds on earlier measures, including a March 5 waiver for India, and occurs against the backdrop of Russia’s declining oil exports. February saw a drop of 410,000 barrels per day in Russian crude shipments, while revenues from oil and fuel exports fell to $9.5 billion—the lowest since 2022. With approximately 124 million barrels of Russian oil currently stranded worldwide, the waiver provides a short-term relief mechanism for global markets.
Experts note that while this is a temporary fix, it highlights the interconnectedness of energy supply, geopolitical tensions, and market stability. The International Energy Agency also plans to release 400 million barrels from strategic reserves to further ease supply pressures. Analysts suggest that in the long run, such measures, combined with robust U.S. oil production, may benefit global energy stability and contribute to moderating fuel prices.
source: nairametrics