"The other thing that we did, we gave a 30-day waiver for Russian oil that was already on the water. It was about 130 million barrels. And that's a lot of oil... there was about 20 million a day coming out of the Gulf, he said. 1.5 [million] of that is the Iranian oil, the 18.5 [million] the Saudis and UAE have diverted the production into the Red Sea, so that's about another 5 [million], so there's a strategic petroleum release."
"No, no, but that's bad framing. Good framing is that there was about 20 million a day coming out of the Gulf... So we are in deficit, somewhere between 10 and 14 [million barrels]."
Treasury Secretary Scott Bessent defended the Trump administration's decision to grant a 30-day exemption allowing Russian oil shipments already at sea to reach global markets. The policy permits approximately 130 million barrels of stranded Russian crude to be sold until April 11, aimed at stabilizing oil prices amid Iran-related tensions threatening the Strait of Hormuz shipping corridor. During a CNBC interview, Bessent reframed the measure's significance, arguing that while 130 million barrels represents 1.5 days of global supply, the real context involves a 10-14 million barrel daily deficit caused by Iranian supply disruptions and Saudi-UAE production redirections to the Red Sea. The move carries geopolitical sensitivity given Western sanctions against Russia following its Ukraine invasion.
#russian-oil-sanctions-exemption #global-energy-markets #iran-tensions-and-strait-of-hormuz #trump-administration-policy
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