With records reaching record levels in January and February, Iran transferred approximately 17.8 million tonnes of crude oil to China during the past 14 months, while India's state refiners included Iranian oil in their annual import plans on the assumption That the US restrictions on the supplier will be imposed soon. Ease according to industry sources and Refinitiv data.
US President Joe Biden has sought to revive talks with Iran over the nuclear deal left by former President Donald Trump in 2018, although drastic economic measures remain unchanged.
The sanctions led to a decline in Iran's exports to China, India, Japan and South Korea. Those measures and output cuts by fellow OPEC + producers have reduced the supply of West Asian citrus crude in Asia. “They talked to us. He said: ‘Very soon [we] The oil supply is expected to resume. The restored Iranian supply to India could reduce the demand for spot cargo, which has risen recently after Iraq's supply cuts and Kuwait have shortened the duration of some contracts. A government official said that Iranian supplies to India, hurt by the continued correction in prices, are expected to return to the market in 3-4 months.
Another Indian refiner said that NIOC officials had told him that a formal agreement on supplies would be reached after Iran's election in June.