US gives 30-day relaxation on Iranian oil purchase:14 crore barrels of oil to enter global market; petrol-diesel prices to remain stable in India

The Trump administration has given a 30-day exemption on sanctions for Iranian oil purchases. This exemption is only for purchasing Iranian oil tankers present at sea. US Treasury Minister Scott Besant announced this. According to the Treasury Department website, this exemption is from March 20 to April 19. This has been done to increase oil supply in the global market and keep prices under control. Due to the ongoing war between America-Israel and Iran, crude prices have crossed $110. Before the war started on February 28, it was around $70. Scott Besant said that by temporarily opening this current supply for the world, about 140 million (14 crore) barrels of oil will quickly enter the global market. This will increase energy availability worldwide and help reduce the temporary pressure on supply. Sanctions on Russian oil purchases lifted for the second time The Trump administration issued a new ‘General License’ on Thursday, allowing the sale of oil from Russian tankers that were loaded by March 12. According to the US Treasury Department, this exemption will remain in effect until April 11, 2026. The US Treasury Department has clarified that this new license will replace the previous 30-day ‘sanctions waiver’ issued on March 12. The old license lacked some technical clarity. Through the new license, the US has completely excluded North Korea, Cuba, and Crimea from this exemption. Oil prices had reached $120 due to war Due to rising tensions between the US-Israel and Iran, crude oil prices in the international market have been fluctuating for some time. Brent crude is currently trading at $112 per barrel. In recent days, it had reached $120 per barrel. The biggest reason for rising oil prices is the closure of the ‘Strait of Hormuz’. This is approximately 167 km long waterway that connects the Persian Gulf to the Arabian Sea. Due to the Iran war, this route is no longer safe. Given the risk, no oil tankers are passing through there. 20% of the world’s total petroleum passes through here. Countries like Saudi Arabia, Iraq and Kuwait also depend on it for their exports. India imports 50% of its crude oil needs and 54% LNG through this route. Iran itself exports through this route. Sanctions on Iran began in 1979 Oil sanctions on Iran were mainly imposed to stop its nuclear program and force it to comply with international agreements. Sanctions on Iran began in 1979 when staff at the US embassy in Tehran were taken hostage. Now below are questions and answers about the reasons and effects of this decision: Question 1: Why did America suddenly ease sanctions on Iran? Answer: It’s been three weeks since the war with Iran began. During this time, tensions in the Middle East and the closure of the Strait of Hormuz have disrupted global supply chains. Crude oil prices have reached their highest level in 3.5 years. The Trump administration has taken this step to deal with this ‘energy crisis’. Question 2: Is this America’s soft stance towards Iran? Answer: Not at all. Treasury Secretary Scott Besent says this is a well-thought-out strategy. He wrote on X, “We are using Iranian barrels against Tehran itself to keep prices low.” America’s argument is that this oil is anyway being sold secretly to China, it’s better that US-allied countries like Vietnam or Thailand buy it. Question 3: What will Iran do with the earnings from this oil sale? Answer: America has made it clear that it will be very difficult for Iran to utilise this revenue. According to Besant, America will maintain its grip on the international banking system so that Iran cannot use this money. However, experts believe that oil prices have increased by 33%, so Iran will definitely get some economic benefit. Question 4: Is 14 crore barrels of oil enough for the world’s needs? Answer: According to the US Energy Information Administration (EIA), 14 crore barrels of oil equals only one and a half days of global consumption. Eurasia Group analyst Gregory Brew says this stock will run out very soon. After this, America will either have the option of completely lifting the ban on Iran or will have to choose some other strict path. Question 5: What is ‘Operation Epic Fury’ and what is the role of oil in it? Answer: This is Trump administration’s military and economic campaign against Iran. On one hand, America is destroying Iran’s military installations, while on the other hand, it doesn’t want the global economy to collapse because of this. Ensuring oil supply is a crucial part of this operation so that American voters and allied countries don’t face the burden of inflation. Question 6: What is Trump’s stand on the Strait of Hormuz? Answer: About 20% of the world’s oil passes through this route, which Iran has almost blocked. Trump said about this that after some time it will open on its own. He is currently focusing more on achieving military objectives and considers oil shortage as temporary pain. Question 7: What will happen next? What do experts say? Answer: Experts believe that America now has very few options left. According to former official Landon Derentz, the situation is very serious. Now either America will have to somehow get the Strait of Hormuz opened or be prepared for even more serious economic consequences. Knowledge Box: What is a ‘Sanctions Waiver’? When one country imposes trade restrictions on another, the legal exemption given to continue trade in certain situations is called a ‘waiver’. America often issues such temporary waivers on countries like Iran and Russia for its needs and global market balance. Impact on India: India imports more than 80% of its oil needs. If 14 crore barrels of extra oil comes into the global market, petrol-diesel prices can remain stable.