US Grants Temporary Waiver on Russian Oil Ban, 19 Million Barrels of Russian Crude in Asian Waters Approved for Trading

Gate News reports that on March 13, vessel tracking data shows that after the United States issued a temporary purchase exemption for in-transit supplies, approximately 30 oil tankers in Asian waters carrying Russian crude oil and fuel are now potentially tradable. The data indicates these ships are loaded with at least 19 million barrels of Russian crude oil and 310,000 tons of refined petroleum products. The refined products mainly include naphtha (used in plastic production) and some diesel. Since Iran effectively blocked the Strait of Hormuz— a critical global oil transit route— prices for these products have surged significantly. Tracking data shows that these ships are currently in a “standby” signal state, meaning they have no clear destination or are heading to Singapore and Malaysia, where oil tankers often wait to complete cargo transactions. Muyu Xu, senior crude oil analyst at Kpler, stated that the U.S. decision is “buying time for countries and refiners to respond to Middle Eastern supply shocks.” She pointed out, “Countries will buy any available resources; energy security is the top priority for all nations.”