India Could Return To Iranian Crude If U.S. Extends Sanctions Waiver
India Could Return To Iranian Crude If U.S.
Extends Sanctions Waiver Indian state-held refiners are considering buying Iranian crude oil if the United States extends the waiver on Iran’s oil sales beyond August or further eases restrictions on that trade.
As part of the 14-point memorandum of understanding with Iran, the United States in mid-Juneauthorizedthe production, delivery, and sale of crude oil, petrochemical products, and refined oil products of Iranian origin through August 21, 2026.
waiver has opened the door for Iranian oil sales in the Asian region, but refiners are not really rushing to snap up Iran’s crude, uncertain how much longer these conditions would apply.
India, which has always aimed to steer clear of any controversy with the U.S.
over buying Iran’s sanctioned oil, is now tentatively reconsidering a return to buying crude from Tehran.
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Amid talks with companies marketing Iran’s currently de-sanctioned oil, Indian state-owned refiners are preparing to potentially purchase Iranian crude, if the U.S.
extends the waiver, anonymous sources with knowledge of the matter toldBloombergon Tuesday.
The refiners aren’t in a rush to buy Iran’s oil immediately.
First, that’s because Indian refiners had hastened to stock up on non-Middle Eastern crude for July and August before the MOU was signed and the Strait of Hormuz was tentatively opened.
Then, the uncertainty over how long the current waiver would last is also preventing India’s state-controlled refiners from flocking to Iranian crude.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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