Iran Moves to Tap Key Asian Markets as U.S. Waives Oil Sanctions

AI Summary

Iran seeks to expand oil sales to key Asian markets including India, South Korea, and Japan following a US waiver on oil sanctions valid until August 21, 2026. The waiver permits crude oil, petrochemical, and refined product sales and payments in U.S. dollars.

Iran is pitching its oil to Asian buyers outside China, contacting India, South Korea, and Japan, as the United States issued a temporary two-month waiver allowing Iranian oil sales, including in U.S. dollars, until August 21. As part of the 14-point memorandum of understanding with Iran, the United States on Sunday authorized the production, delivery, and sale of crude oil, petrochemical products, and refined oil products of Iranian origin through August 21, 2026. Representatives of the National Iranian Oil Company (NIOC) and other sellers have…