US Waiver Frees Up 19 Million Barrels of Russia Oil for Purchase

Russian crude oil and fuel on about 30 tankers in Asian waters is potentially available for purchase after the US granted a temporary waiver to buy cargoes that were already at sea.

The vessels are carrying at least 19 million barrels of Russian crude and 310,000 tons of refined products, according to ship-tracking data compiled by Bloomberg. The product is mainly naphtha — used to make plastics — and some diesel, prices of which have surged since Iran effectively closed the Strait of Hormuz.