Refiners in Asia Eye Iranian Oil After US Grants Limited Waive

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NEW DELHI: Indian and Asian refiners are preparing to resume purchases of Iranian crude following a surprise 30-day sanctions waiver from Washington.

U.S. Treasury Secretary Scott Bessent on Friday authorised the discharge of Iranian oil already at sea, describing the move as ‘using the Iranian barrels against Tehran’ to stabilise global energy markets. The waiver applies to crude loaded on or before March 20 and must be discharged by April 19.

Strategic ‘buffer’ for markets The move targets an estimated 140 million to 170 million barrels currently in transit. While Indian refiners are awaiting formal ‘payment terms’ from Washington, officials in South Korea and Japan are also assessing the ‘technical feasibility’ of tapping into these supplies.

Despite the temporary relief, the Trump administration maintains its ‘maximum pressure’ campaign, with Tehran already dismissing the move as an attempt to ‘manage market sentiment.’