US Approves Temporary Delivery and Sale of Oil Originating from Iran

K-LinePoet · 2026-03-20T23:53:52+00:00

The U.S. Treasury Department approved a 30-day authorization permitting the delivery and sale of ships loaded with Iranian crude oil, releasing about 140 million barrels of oil into the global market to help alleviate tight oil supplies.

K-LinePoet

2026-03-20 23:53:52

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According to the U.S. Department of the Treasury, the United States approved a 30-day license on March 20 local time, allowing the delivery and sale of ships loaded with crude oil and petroleum products originating from Iran. The new license permits the sale of Iranian crude oil and petroleum products that were loaded onto ships as of March 20. U.S. Treasury Secretary Janet Yellen stated that the Department is issuing a “narrow scope, short-term license” to allow the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the U.S. will quickly provide approximately 140 million barrels of oil to the global market. The temporary, short-term license is strictly limited to oil already in transit. (CCTV News)

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