Bessent Greenlights Sale Of Russian Oil At Sea To “Promote Stability In Global Energy Markets”

In a statement late Thursday on X, U.S. Treasury Secretary Scott Bessent announced that the U.S. will allow countries to purchase Russian crude oil already at sea. The move aims to temporarily boost global supply availability, as the IEA warned earlier that the Middle East conflict has sparked one of the worst energy shocks on record.

“To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent said.

He continued, “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”

.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.

To increase the global reach of existing supply, @USTreasury is providing a temporary…

— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026

UBS analyst Nana Antiedu told clients earlier this morning that about 124 million barrels of Russian-origin oil were at sea across 30 locations worldwide.

More specifically, Bloomberg analysts said about 30 Russian tankers are in Asian waters and may be available for purchase. These tankers carry about 19 million barrels of Russian crude and 310,000 tons of refined products.

Bloomberg data show these Russian tankers are signaling “for orders” or, in other words, have no clear destination yet. They could be unloaded in Singapore or Malaysia.

Robert Rennie, head of commodity research at Westpac Banking, was quoted by Bloomberg as saying, “Of course, any supply helps, but this is a smaller help than it looks.”

Rennie estimated that of the 125 million to 150 million barrels of Russian crude on the water, about a third is off China and is likely to end up in storage, while 30 million to 40 million barrels are in India and are likely to be consumed there.

Rennie said the rest is in the Mediterranean and the Atlantic. “We are only really talking about replacing maybe four or five days of lost Gulf exports. Sure, it helps, but it is no panacea,” he added.

Bessent’s office also issued India a 30-day waiver at the beginning of the month so that New Delhi could buy Russian oil at sea to build reserves and cushion against an oil shock.

Brent crude futures are largely unchanged from when Bessent posted on X overnight. President Trump said the U.S. has “plenty of time” in the Iran war. Brent hovers around $100/bbl as of 0630 ET.

The Trump administration has taken several steps to combat triple-digit Brent and WTI prices, including the planned release of 172 million barrels from the U.S. SPR. The release is part of a much larger 400-million-barrel SPR dump worldwide, agreed upon by the 32-nation IEA. This comes as the IEA warned about the worst-ever energy shock to hit the world. Also, the Trump administration is waiving a century-old law that requires U.S. ships to transport goods between American ports, so that domestic supplies can be shifted around more quickly.