Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms. Refiners in India, which has much smaller crude stockpiles than other big Asian oil importers, rushed to book Russian oil after the US recently lifted sanctions temporarily. Also, some former purchasers of Iranian oil were contractually obligated to buy from National Iranian Oil Co, two refining sources said. However, since the US re-imposed sanctions in late 2018, Iranian oil has been sold in significant part by third-party traders. Other than China, major buyers of Iranian crude before sanctions were re-imposed included India, South Korea, Japan, Italy, Greece, Taiwan and Türkiye.

Source: The Edge Markets March 21, 2026 06:47 UTC