US waiver clears way for Iran oil purchase

The United States has temporarily lifted sanctions on Iranian crude oil exports, opening a way for Iranian oil to return to India after years of restrictions.

The National Iranian Oil Company has reached out to international oil companies, including Indian refiners, and trading houses to resume commercial ties, Indian newspaper The Indian Express reported, citing trade sources.

The development comes as part of the ongoing US-Iran negotiations under which the US issued a temporary 60-day sanctions waiver for Iranian crude oil.

The waiver allows production, delivery, and sale of Iranian oil, petroleum products, and petrochemicals through August 21.

The lifting of sanctions on Iranian oil holds significance for India, which was once among the largest importers of Iranian crude before US sanctions forced it to stop buying Tehran’s oil in 2019.

Right now, Indian refiners are treading cautiously. Oil-importing companies in India steer clear of oil and gas under US sanctions to avoid the risk of attracting secondary sanctions from Washington.

Good morning! This is Midhat from DW’s New Delhi Studio. I am here to bring you all the latest news coming from India.

India is once again looking at Iran to support its oil needs. The shift comes as a result of the US waiving its sanctions on Iran.

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Stay tuned as we bring you more on this and other developments from across the country.