African fuel importers are expected to gain short-term access to additional crude supply after the United States announced a temporary measure allowing certain countries to purchase Russian oil cargoes currently stranded at sea.
The United States has moved to unlock access to stranded Russian oil cargoes, a development that could ease global supply constraints and offer potential relief for African fuel importers grappling with high energy costs and inflationary pressure.
U.S. Treasury Secretary Scott Bessent said on X that the Treasury Department is issuing a “temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea,” adding that the extension would offer “additional flexibility” while allowing Washington to issue specific licences where needed.
“This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent added.
This announcement comes amid ongoing volatility in global oil markets, where sanctions on Russian crude, shifting trade routes, and supply bottlenecks have left several cargoes stranded at sea and disrupted traditional flow patterns.
