MARKET STRUCTURE · MIDDLE EAST
US issues 30-day waiver for Iranian oil
Change
The US issued a 30-day general license permitting sale of Iranian crude oil and petroleum products loaded on vessels from 20 March to 19 April.
Why it matters
The US Treasury issued a 30-day general license allowing sale of Iranian crude oil and petroleum products loaded on vessels between 20 March and 19 April. Treasury secretary Scott Bessent stated the measure will bring approximately 140 million barrels to global markets. The license follows earlier temporary easing of sanctions on Russian oil and is the third temporary waiver issued in about two weeks. The license alters which Iranian cargoes are eligible for purchase and changes compliance requirements for transactions, shipping, insurance, and payments during the specified window.
Implications
- · Unlocks roughly 140 million barrels of Iranian crude as deliverable volumes during the license window, increasing available supply for traders and refiners.
- · Requires traders, refineries, insurers, and banks to adjust sanctions clearance, documentation, and underwriting for cargoes loaded within the specified dates.
- · Permits settlement and payment flows for those cargoes under the license, affecting accounting and receipts for counterparties handling the transactions.
Who is affected
- · Refiners and commodity traders
- · Shipping companies and vessel operators
- · Sanctions and compliance teams at banks and insurers
- · Energy trading desks and market operations teams
What to watch
- · License effective for cargoes loaded between 20 March and 19 April (30-day window)
Source
Topics