Indian refiners are preparing to resume purchases of Iranian crude, while peers across Asia are weighing similar moves after Washington temporarily removed sanctions to ease an energy crunch triggered by the U.S.-Israel war on Iran, Reuters reported on Saturday, citing traders.
According to the report, three sources at Indian refining companies, said they intend to buy Iranian oil, but are awaiting directions from the government as well as clarity from Washington on key aspects such as payment mechanisms.
The development comes as refiners in India — which maintains relatively smaller crude stockpiles than other major Asian importers — recently rushed to secure supplies of Russian oil after the U.S. temporarily lifted sanctions.Elsewhere in Asia, several refiners are exploring whether they can also tap Iranian supplies, the report added, citing people familiar with the matter.
The Trump administration on Friday announced a 30-day waiver allowing the sale of Iranian oil already at sea, U.S. Treasury Secretary Scott Bessent said, in a move aimed at easing supply pressures.
The waiver, issued by the Office of Foreign Assets Control, applies to crude loaded on or before March 20 and discharged by April 19, marking the third such temporary relaxation since the conflict began.
The decision could unlock millions of barrels of supply. Around 170 million barrels
