Iran is racing to court some of Asia¡¯s largest oil buyers as a 60-day U.S. sanctions waiver takes effect, a temporary lifeline that should allow Tehran to resume exports and begin clearing a backlog of cargoes on the water, even as peace talks continue.
Sellers including middlemen and representatives from the National Iranian Oil Co. made contact with refiners in India, Japan, South Korea and elsewhere even before the license was officially granted, according to traders involved in the discussions, who asked not to be named as the talks are not public. That urgency has since increased, they said.
Iran ¡ª which has long sold its shipments primarily to China, due to sanctions constraints ¡ª is eager to find a wider range of buyers and to clear oil currently in tankers. According to data from analytics firm Vortexa and Bloomberg calculations, approximately 68 million barrels of crude and condensate were on the water as of June 22. At least 80% of this volume does not have a clear destination and so could be available to buyers.
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