Sec. Scott Bessent: In the Coming Days, ‘We May Unsanction the Iranian Oil That’s on the Water’

EXCERPT:

BESSENT: "And, Maria, to be clear, this is a coordinated effort. We had a break-the-glass plan across the administration, and at Treasury. We unsanctioned Russian oil. We knew there were about 130 million barrels on the water, and we created supply that is beyond the Straits of Hormuz. So, we anticipated this. We knew that there could be a temporary, and want to emphasize 'temporary' chokepoint there, there was 130 million barrels of floating storage. In the coming days we may unsanction the Iranian oil that's on the water, it's about 140 million barrels, so depending on how you count it, that is 10 days to two weeks of supply that the Iranians had been pushing out, that would have all gone to China. In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign. So we have lots of levers, we have plenty more that we can do.”