The Office of Foreign Assets Control has lifted many sanctions on the sale of oil from Iran until April 19 and also eased restrictions on the sale of oil from Venezuela.
In an interview with NBC News, Treasury Secretary Scott Bessent said the temporary lifting of the Iranian sanctions would “quickly bring approximately 140 million barrels of oil to global markets” and help “to relieve the temporary pressures on supply caused by Iran.” The lifting of restrictions on Venezuelan oil also is expected to ease pressure on oil supplies.
Both moves come after OFAC authorized Russian oil exports through April 11 to ease pressure on rising fuel prices following the start of military operations in Iran.
