Iran is struggling to find a buyer for nearly a quarter of its annual oil exports as looming western sanctions targeting the country’s nuclear programme start to bite in the world’s third biggest crude exporter.
Tehran is trying to sell an extra 500,000 barrels a day of oil, or nearly 23 per cent of what it exported last year, to Chinese and Indian refiners, according to two industry executives familiar with the talks.
If it cannot find customers by mid-March for the oil, which is equal to the amount European refiners bought last year, Iran would be forced to put unsold barrels into floating storage in supertankers, or reduce output. Either measure could push oil prices higher.
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