According to estimates from U.S. authorities, the temporary release of these volumes of oil to the market could help increase global supplies and reduce pressure on supply amid emerging disruptions related to the situation in the Strait of Hormuz. Reuters notes that previously, the main buyers of this oil were Chinese refiners who purchased it at reduced prices.
At the same time, U.S. authorities emphasize that they view this decision as a temporary step to curb rising oil prices amid the ongoing conflict. This is the third such easing introduced by Washington in recent weeks aimed at stabilizing the energy market.
The Iranian side, for its part, rejected Washington's statements. A representative of the Iranian Ministry of Oil stated that the country has no oil reserves "at sea or for supplying international markets," characterizing U.S. actions as an attempt to "instill hope in buyers."
