Russian Oil Finds Buyers After US Waiver But Iranian Cargoes Lag
Workers at a Rosneft oil field in Russia.
Source: Bloomberg
Buyers are snapping up Russian crude shipments after the US waived sanctions, but are taking a more cautious approach to Iranian cargoes.
The Trump administration temporarily lifted restrictions on oil from Russia, and then Iran, earlier this month to combat the surge in energy prices caused by the war in the Middle East. But the short duration of the waivers, and compliance concerns, mean flows are unlikely to normalize. The move has also drawn criticism from US allies worried it could weaken pressure on Moscow and Tehran.