President Donald Trump said on Monday that the United States is waiving certain oil-related sanctions as a way to ensure adequate oil supply and lower prices.
At a news conference at his Doral golf club, Trump said oil prices have not spiked as much as he had feared.
Trump said the United States is waiving certain oil-related sanctions to cut prices.
“We have sanctions on some countries. We’re going to take those sanctions off till the Strait (of Hormuz) is up,” Trump said.
He was not specific, but the United States last week issued a temporary, 30-day waiver to allow for the sale of Russian oil currently stranded at sea to India to alleviate pressure on the global oil market.
(Reporting by Nandita Bose and Steve Holland; Editing by Ryan Patrick Jones)