Key facts
- Four very large crude carriers previously used for sanctioned oil are now exporting unsanctioned oil from the Persian Gulf.
- Two more tankers are en route to the Gulf of Oman.
- The U.S. administration is relicensing these tankers to address high freight rates.
- Energy Secretary Chris Wright stated that these converted tankers will not carry sanctioned oil.
Tankers previously used to transport crude oil from sanctioned countries, such as Venezuela, are now being relicensed and deployed to move unsanctioned oil from the Persian Gulf. This strategic shift aims to alleviate soaring tanker freight rates, which have been driven up by increased demand in the region and transit risks through the Strait of Hormuz. The U.S. administration is facilitating this transition, with Energy Secretary Chris Wright estimating that this could add a significant number of vessels to the global fleet available for legitimate trade.