US EditionRefiners in India, Elsewhere in Asia Look to Buy Iranian Oil After US Waives Sanctions
The US Treasury issued a 30-day waiver for Iranian oil loaded before March 20 to ease Asia's energy shortage amid Strait of Hormuz disruptions, with about 170 million barrels at sea.
- On Friday, the Trump administration issued a 30-day waiver for Iranian oil loaded on or before March 20 and discharged by April 19, US Treasury Secretary Scott Bessent said.
- Amid the near-closure of the Strait of Hormuz, the US waived sanctions for the third time since the war in Tehran, easing an energy crunch that forced Asia's regional refineries to cut runs this month.
- Market data show about 170 million barrels of Iranian crude are afloat, while Energy Aspects estimated 130 million to 140 million barrels, with traders warning of payment uncertainty and ageing 'shadow fleet' tankers.
- Three Indian refining sources said they will buy Iranian oil but await Indian government directions and clarity from Washington on payment terms, while other Asian refiners conduct compliance checks.
- Since the US re-imposed sanctions in late 2018, Iranian oil has often sold through third-party traders, while China's independent refiners bought 1.38 million barrels per day last year.
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15 Articles
Refineries in India and several other Asian countries plan to continue buying Iranian oil after the United States temporarily lifted sanctions to ease an energy crisis caused by the war in the Middle East, traders and experts said today.
Refiners in India, Asia look to buy Iranian oil after US waives sanctions
Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions to alleviate an energy crunch caused by the US-Israeli war on Iran, traders said on Saturday. Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms. Refiners in India, which have much …
It's back to Iranian oil for India after US waiver, but Tehran throws a spanner
Refiners in India are planning to resume buying Iranian oil after the US lifted sanctions. It came as energy prices shot up amid the Iran war. It comes on the back of India already snapping up Russian oil currently stranded at sea.
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