U.S. Treasury allows Russian oil tankers to complete voyages, aiding global markets and India amid Strait of Hormuz tensions.
Due to the crisis in the Strait of Hormuz, which has disrupted the flow of oil from the Middle East, the U.S. Department of the Treasury has taken a critical step by issuing a 'liquidation license' aimed at easing global energy markets. The U.S. Office of Foreign Assets Control (OFAC) has granted a one-month temporary exemption allowing vessels currently at sea carrying Russian crude oil to complete their voyages.
OFAC License and Logistics Assurance
This authorization, valid until April 11, covers routine voyage services such as fuel supply, crew provision, insurance, and pilotage. With this move, the aim is to deliver Russian oil to buyers within a legal framework and to alleviate the supply pressure in the market.
A '65 Million Barrel' Lifeline for India
Data from the brokerage firm Braemar and the data analytics company Vortexa indicate that this license will primarily strengthen India's position. According to analyses:
Supply Compensation: Approximately 65 million barrels of Russian crude oil are expected to head towards India. This amount is sufficient to meet about 23 days of the needs lost by Indian refineries from the Middle East Gulf.
Cargo Details: This massive volume heading to India consists of 8 million barrels from ships that have already changed their routes, 49 million barrels from cargoes loaded before March 5, and 7.6 million barrels from floating storage.
First Signs on the Ground: 'Shenlong' in Mumbai
The first concrete example of energy balancing was observed on Wednesday at the Port of Mumbai. The Suezmax-type vessel Shenlong, operated by Greece-based Dynacom and carrying over 1 million barrels of oil, docked at the port for discharge. It was reported that the ship turned off its AIS (Automatic Identification System) signal for security reasons during its transit through Hormuz but reopened communication before arrival.
Diplomatic Traffic on the New Delhi-Tehran Line
India is pushing not only logistical but also diplomatic channels. Meetings between Indian Foreign Minister S. Jaishankar and his Iranian counterpart are claimed to have resulted in an agreement to provide a secure transit corridor for approximately 20 tankers from the Strait of Hormuz. Although the Iranian side has refrained from providing official confirmation to maintain the confidentiality of these discussions, this 'safety valve' distinguishes India from other Gulf-dependent buyers.
Source: SeaNews Türkiye
