The United States has granted permission for the sale of Iranian crude oil and petroleum products.
According to a foreign news agency, the United States has lifted restrictions on the import of Iranian oil for 30 days and has permitted the sale and transport of Iranian oil stored on ships. The US Treasury Department announced the release of Iranian oil into the global market.
The US Secretary of the Treasury said a short-term licence had been issued for the sale of Iranian oil, adding that nearly 140 million barrels would be introduced into the global market. This would help ease temporary pressure on supply caused by Iran.
The Treasury Secretary further said the measure aimed at stabilising global supply and prices, adding that the Trump administration was working to bring an additional 440 million barrels of oil into the global market.
He also stated that the agenda of US President Donald Trump had raised American oil and gas production to record levels.
