US Treasury Secretary: or relax sanctions on Iranian oil to increase supply, and partially lifted sanctions on Russian oil

On March 19th, US Treasury Secretary Bernard stated in an interview with the media that the US government may lift sanctions on Iranian oil already at sea to increase market supply. Bernard said that the US has begun to lift sanctions on around 130 million barrels of Russian oil already shipped or stored at sea, and may take similar measures on around 140 million barrels of Iranian oil already shipped or stored at sea. Bernard also said that in addition to coordinating with the International Energy Agency to release strategic oil reserves, the US may also unilaterally release strategic oil reserves. He emphasized that the US government will not intervene in the oil futures market, but will increase supply in the spot market.