Why Iran Is Racing To Lock In Asia's Biggest Oil Customers

With just 60 days of a US sanctions waiver, Iran is racing against time to offload millions of barrels of crude stranded at sea. Approximately 68 million barrels of Iranian oil and condensate are currently floating offshore with no confirmed buyers. Iranian sellers, including the National Iranian Oil Company, are urgently contacting refiners in India, Japan, South Korea, and other Asian markets. However, Asian buyers are in no rush. They are well-stocked with alternative crude and remain wary of sanctions risks and the waiver’s short duration. The situation gives buyers strong negotiating leverage, potentially forcing Iran to offer deep discounts.