World
U.S. Issues New License for Russian Oil Sales as Strategic Reserve Release Aims to Ease Price Surge
The U.S. on Thursday issued a new Russia-related general license that allows the sale of Russian crude oil and petroleum products loaded on vessels through April 11, according to the Treasury Department website.
The license, which covers oil and petroleum products loaded on vessels as of March 12, comes a day after the U.S. Department of Energy announced that the U.S. would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran.That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil.