Tidbits, Crude Oil Supply Shortage, Intended Acres & Stocks, Stocks-to-Use Ratio 3/22/26
- Wright team
- 2 days ago
- 5 min read
Tidbits
Crude oil: Late Friday, President Trump issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea, U.S. Treasury Secretary Scott Bessent said. The waiver applies to oil loaded on any vessel, including sanctioned tankers, on or before 20 March and unloaded by 19 April, according to the Office of Foreign Assets Control. It is the third time the U.S. has temporarily waived sanctions on oil since the start of the war. U.S. Energy Secretary Chris Wright said most ships loaded with Iranian oil will reach Asia within 3 to 4 days.
About 170 million barrels of Iranian crude are on ships scattered from the Middle East Gulf to the waters near China, according Kpler’s senior manager for crude oil market data. Consultancy Energy Aspects on March 19 estimated 130 million to 140 million barrels of Iranian oil on the water, equivalent to less than 14 days of current Middle East production losses.
Asia relies on the Middle East for 60% of its crude supply and the near closure of the Strait of Hormuz is forcing refineries across the region to run at lower rates and cut fuel exports.
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