Iran and Japanese buyers discuss resuming crude sales for the first time since 2019 under a temporary US sanctions waiver expiring August 21.
Iran has initiated discussions with Japanese refiners to resume oil sales under a US sanctions waiver granted June 22, set to expire August 21. The talks mark a potential shift from Iran’s reliance on Chinese buyers since 2019, though near-term volume impact remains limited due to the waiver’s short duration and unresolved shipping risks in the Strait of Hormuz.
Three Japanese buyers are evaluating purchases, their first since halting imports in 2019. However, companies are seeking a longer waiver and assurances on shipping safety before committing, citing logistical constraints and existing contracts. Iran’s national oil company has signaled interest in reviving traditional customer relationships, but refiners remain cautious.
Market focus centers on the waiver’s extension and normalization of Hormuz shipping conditions, which remain uncertain due to ongoing Iranian naval activity and mine risks. Independent Chinese refiners are expected to remain Iran’s primary buyers in the interim.