The waiver will remain valid until April 11 and applies specifically to cargoes currently stranded at sea. Officials say the move is intended to give importing countries and refiners additional time to secure supplies while shipping flows through the Strait of Hormuz remain severely disrupted.
Ship-tracking data show that around 19 million barrels of Russian crude and approximately 310,000 tons of refined products are currently onboard about 30 tankers operating in Asian waters. These cargoes could now re-enter the market under the temporary license.
Most of the refined products consist of naphtha, an important feedstock for the petrochemical industry, along with several diesel shipments. Among the crude cargoes, roughly 25 tankers are carrying grades such as Sokol near China and medium-sour Urals crude in the Arabian Sea. Several vessels have reportedly been signaling “for orders” or waiting near Singapore and Malaysia while buyers are being sought.
The waiver represents Washington’s latest attempt to stabilize energy markets after oil prices surged above $100 per barrel following the escalation of tensions involving Iran and the disruption of shipping routes in the Gulf region.
The move follows earlier emergency measures by the United States and the International Energy Agency, which announced the release of roughly 400 million barrels from global stockpiles, including 172 million barrels from the US Strategic Petroleum Reserve.
While the waiver may provide short-term relief for major Asian buyers such as China and India, it could also complicate Western efforts to restrict Russia’s oil revenues, as some European officials continue to oppose any broader relaxation of sanctions.
Stay ahead of market trends with the Credco app. For any queries, please reach out to us via WhatsApp at +918448083211