Big news of the morning of April 16: US Finance Minister Scott Besant said while talking to the media on Wednesday that America will no longer extend the period of exemption given on oil related to Iran and Russia. He made it clear that the general license issued for Russian oil will not be renewed, and the same policy will apply to Iranian oil as well. This exemption was for those oil consignments which had already been sent to the sea before March 11, the use of which is now almost complete. These decisions indicate that the Trump administration will no longer move towards increasing oil supply or controlling rising energy prices by relaxing sanctions.
