The middle of May brought very little good news to the Asian refiners, but the extension of the US waiver on Russian crude and oil products on May 18 has certainly become one. The Trump administration first introduced the waiver on March 12 for Russian crude and products already loaded on ships before that date, as an emergency response to the blockage of the Strait of Hormuz and the resulting shortage of oil on the market. It was extended once in mid-April for another month, and for the second time on May 18, for another 30 days.