U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low

The U.S. waivers on the purchase of Russian and Iranian crude on tankers have been a mixed bag of success in boosting oil supply in Asia. While refiners, especially in India, are snapping up Russian cargoes, state-controlled Indian and Chinese firms are reluctant to wade into trade with Iranian barrels. Uncertainties about shipping, insurance, payments, and currencies in buying Iranian oil have deterred refiners from looking to buy Tehran’s crude, which the U.S. ‘unsanctioned’ last Friday in an attempt to bring down…