United States Permits Purchase of Russian Oil at Sea to Stabilise Global Oil Prices
Efforts to maintain the stability of global oil supply and pricing have returned to prominence after the United States took a temporary step permitting the purchase of Russian oil stranded at sea.
This policy was implemented amid a surge in global energy price volatility triggered by geopolitical tensions, including Middle Eastern conflict and the ongoing consequences of the Russia-Ukraine war.
The US Government, through the Department of the Treasury on Thursday 12 March 2026 local time, issued a new general licence that temporarily authorised transactions relating to Russian oil already in maritime transit.
US Treasury Secretary Scott Bessent stated that this measure was designed to be limited and temporary in nature. In a post on platform X, he described the policy as a short-term step designed specifically, applying only to oil already in shipment.
According to CNBC on Friday 13 March 2026, there are at least 124 million barrels of Russian oil currently at sea across approximately 30 global locations as of 12 March 2026. This volume is estimated to be equivalent to five to six days of global oil supply.
The global oil market has experienced sharp fluctuations in recent weeks. Escalating geopolitical tensions, particularly conflict involving Iran, have driven concerns about supply disruptions from the Middle East, which has historically been a major centre of global energy production.
Global oil prices approached 120 US dollars per barrel at the beginning of the week before subsequently adjusting. The Brent crude benchmark closed slightly above 100 US dollars per barrel on Thursday, after Iran’s new supreme leader Mojtaba Khamenei reiterated his commitment to keeping the Strait of Hormuz closed.
Bessent stated that the current rise in oil prices represents a short-term disruption. He assessed that the long-term impact of policies adopted by the US Government would deliver greater benefits to the national economy.
“This temporary rise in oil prices is a short-term and temporary disruption that will produce significant benefits for our country and economy in the long term,” said Bessent.
The US Department of the Treasury clarified that the exemption covers only Russian crude oil products that had been loaded onto vessels before 12:01 Eastern Standard Time on the specified date.