‘No oil is coming out’: US rules out extension of Iranian and Russian oil waivers & more related News Here

United States Treasury Secretary Scott Besant said on Friday that the US is not currently planning to renew a waiver allowing purchases of Russian oil at sea.Speaking to news agency Associated Press, Besant also said that another waiver for Iranian oil at sea is “completely off the table.”Besant said, “Not the Iranians. We have a blockade and no oil is coming out.”“And we think in the next two, three days, they’re going to have to start shutting down production, which will be very bad for their wells,” he said.The US in March issued waivers for the sale of Russian oil and petroleum products to stabilize global energy markets after crude oil prices rose above US$100 a barrel due to tensions between Iran and the US due to the closure of the Strait of Hormuz.Last week, the US decided to extend sanctions relief on Russian oil, issuing a new license allowing the purchase of Russian oil and petroleum products that had already been loaded onto ships that day.The arrangement will be in place until 12:01 a.m. (0401 GMT) on May 16, replacing a previous relaxation that expired on April 11. The move comes despite recent indications from Treasury Secretary Scott Besant that such relief would not continue.Two days after Besant said at the White House that she had no plans to extend sanctions relief, the Treasury Department renewed the waivers.In an AP interview about the impact of the US-Israel war on global energy markets and other topics, the US Treasury Secretary explained his previous change of heart and rejected the notion of renewing sanctions relief for both Russia and Iran.“More than 10 of the most vulnerable and poor countries came to me and said, can you help?” Besant said during a World Bank and International Monetary Fund meeting last week.“It was for those weaker and poorer countries. But I can’t imagine we’ll have another expansion. I think Russian oil on the water has been sucked out to a great extent.”