U.S. Temporarily Waives Russian Oil Ban, Allowing 19 Million Barrels of Crude to Enter Market

ChainThink reports that on March 13, vessel tracking data showed that approximately 30 tankers in Asian waters, carrying Russian crude oil and fuel, are now potentially tradable following the U.S. issuance of a temporary purchase exemption for goods already en route. The data indicates these vessels are carrying at least 19 million barrels of Russian crude and 3.1 million tons of refined petroleum products. The refined products, primarily naphtha used in plastic production and some diesel, have seen significant price surges since Iran effectively blockaded the Strait of Hormuz. Tracking data shows these vessels are currently in "standby" status—meaning they have no clear destination or are showing signs of heading toward Singapore and Malaysia, where tankers commonly linger awaiting sales. Muyu Xu, Senior Crude Analyst at Kpler, stated that the U.S. decision is "buying time for countries and refiners to respond to the Middle East supply shock." She added: "Countries will buy any resources they can find—energy security is the top priority for all nations." (Jinshi)