Iran offers discounted crude to India after US sanctions waiver

Iran offers discounted crude to India after US sanctions waiver

After a recent sanctions waiver from Washington, multiple middlemen have started offering discounted Iranian oil to Indian refiners.

The move comes as Tehran seeks to ramp up its sales.

The United States on Monday waived sanctions on Iran for 60 days, following initial talks under a fledgling peace deal. This has opened a small window for renewed energy trade.

NIOC directly approaching Indian refiners

The National Iranian Oil Company (NIOC) has directly approached Indian refiners with offers for discounted Iranian crude.

The company is said to be offering these at a price $3-$4 per barrel cheaper than similar regional grades on a landed basis.

Apart from NIOC, several traders from small and mid-sized trading companies in Singapore and Dubai are also reaching out for the sale of Iranian oil.