Iran is racing to court some of Asia’s largest oil buyers as a 60-day US sanctions waiver takes effect, a temporary lifeline that should allow Tehran to resume exports and begin clearing a backlog of cargoes on the water, even as peace talks continue.
Sellers including middlemen and representatives from the National Iranian Oil Co. made contact with refiners in India, Japan, South Korea and elsewhere even before the license was officially granted, according to traders involved in the discussions, who asked not to be named as the talks are not public. That urgency has since increased, they said.