Washington: The administration of U.S. President Donald Trump is considering easing sanctions on oil tankers—vessels previously used to transport oil and petroleum products from countries including Russia, Iran, and Venezuela—in an effort to reduce record-high global shipping costs.

According to the news agency Reuters, a U.S. official stated that under the proposal under consideration, the U.S. might permit certain vessels—previously subject to sanctions—to transport oil and petroleum products that are not currently under sanctions. The official noted that the objective of this move is to increase the shipment of crude oil and refined petroleum products from the Gulf region and to lower soaring global freight costs.

The U.S. official clarified that the proposed easing of restrictions does not entail lifting sanctions on Russian or Iranian oil; rather, it would allow for the transport of oil and petroleum products that are not subject to sanctions imposed by Washington. Reports indicate that the record surge in global shipping costs has negatively impacted demand for U.S. crude oil, prompting the administration to explore alternative measures.

In a video message recorded for the World Petroleum Congress held in Riyadh this week, U.S. Secretary of Energy Chris Wright stated that the administration is discussing the possibility of easing sanctions on a fleet of oil tankers commonly referred to as the “shadow fleet.” According to the research firm Energy Aspects, the Energy Minister made these remarks in the context of efforts to reduce high global freight costs. Reuters stated that it could not obtain the full video or a written transcript, and the U.S. Department of Energy also indicated that this material is currently unavailable. As of now, no final decision regarding the easing of sanctions has been announced. If this plan is approved, it could impact global oil shipments and freight costs.