Iran is accelerating efforts to sell crude oil to India and other Asian buyers after the Trump administration announced a 60-day waiver on sanctions covering Iran’s petroleum products, according to a report in the Times of India citing Bloomberg.
Iran’s floating stockpile mounts
Data from Vortexa, combined with Bloomberg calculations, shows that approximately 68 million barrels of crude and condensate were floating on tankers as of June 22. More than 80% of that volume does not appear to have a confirmed destination, potentially making it available for sale. Tehran is keen to reduce this growing stockpile even as broader peace negotiations continue, the report said.
Outreach to Asian buyers
Even before the waiver was formally approved, traders familiar with the discussions, intermediaries, and officials linked to the National Iranian Oil Co. began contacting refiners in countries including India, Japan, and South Korea, according to the Bloomberg report. The discussions have not been limited to immediate cargoes; Iran is also exploring longer-term supply arrangements as it looks to increase production.
| Metric | Value |
|---|---|
| Floating crude & condensate volume (June 22) | 68 million barrels |
| Volume without confirmed destination | Over 80% |
| Waiver duration | 60 days |
| Countries contacted for sales | India, Japan, South Korea |
Cautious response from Asian refiners
Despite Iran’s outreach, buyers across Asia are not showing urgency to return to Iranian crude, the traders said. Many refiners have already secured alternative supplies after adapting to the prolonged disruption of shipping through the Strait of Hormuz. Market participants remain cautious because of uncertainty over future US policy, while sanctions imposed by the European Union and the UK continue to complicate financing and insurance arrangements. In addition, not all ports are willing to receive vessels associated with the so-called dark fleet that has continued transporting Iranian oil, the Bloomberg report said.
Sumit Ritolia, Lead Analyst, Modelling and Refining at Kpler, is skeptical that any country other than China will materially increase purchases. He pointed to the narrow 60-day window.
“Given the uncertainty around the [waiver] and geopolitical risks, most Asian refiners have already been proactive in securing crude supplies. Refinery planning cycles typically run 2–3 months ahead, meaning many refiners have already lined up imports through at least the first half of August.”
Ritolia noted that Indian refiners are currently focused on the second half of August and September requirements. Russian and Middle Eastern grades remain the core of their procurement strategy, while Venezuelan crude continues to gain market share.
Window of opportunity for India?
Indian refiners generally avoid purchasing crude that is potentially subject to sanctions. However, India’s proximity to Iran could provide a potential advantage. Certain cargoes can be delivered to Indian refineries within two to three days, allowing buyers sufficient time to complete transactions during the waiver period. Tehran’s urgency to secure customers and the limited duration of the waiver may prompt opportunistic purchases if discounts become highly attractive.
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