US waiver paves the way for buying oil from Iran

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

National Iranian Oil Company has approached international oil companies, including Indian refiners and trading houses, to resume commercial ties, Indian newspaper Indian Express The report cited business sources.

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

The waiver allows the production, distribution and sale of Iranian oil, petroleum products and petrochemicals until August 21.

The lifting of sanctions on Iranian oil holds significance for India, which was once one of the largest importers of Iranian crude before US sanctions stopped it from buying oil from Tehran in 2019.

For now, Indian refineries are proceeding with caution. Companies importing oil into India stay away from 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 towards Iran to meet its oil needs. This change comes as a result of the US waiving the sanctions imposed on Iran.

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Stay tuned as we continue to bring you more information about this and other incidents from across the country.