Kamal Ghorui
NEW DELHI: Following a temporary waiver issued by the US administration on sanctioned Iranian oil stranded at sea, Indian refiners on Saturday said they would be keen to buy the crude, even as Tehran maintained that no surplus stocks existed.US treasury secretary Scott Bessent announced the waiver on Friday, saying that by temporarily unlocking this existing supply for the world, the US would bring approximately 140 million barrels of oil to global markets, expanding overall availability and helping relieve supply pressures. The authorisation is limited to cargoes already in transit and is valid only for a short window of a month.“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury. This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” Bessent said.Iran’s oil ministry spokesperson Saman Ghodousi, however, contradicted the US statement, saying Washington was merely giving hope to buyers. “At present, Iran essentially has no crude oil left floating on water or surplus for supply in other international markets, and the statement by the US treasury secretary is merely aimed at giving hope to buyers and psychologically controlling the market,” Ghodousi said in a statement in Persian on X.The move comes amid supply disruptions in Hormuz, a key chokepoint that witnesses the movement of nearly a fifth of the global oil trade, and a surge in global oil prices. The US had earlier this month issued a similar temporary waiver on sanctioned Russian oil in transit to boost global supplies and keep crude prices in check, as benchmark prices have surged amid tightening supplies.A senior official at a state-run refinery said India was trying to source oil from all possible avenues at a time when supplies have been disrupted due to the military conflict. “Teams across refiners are working hard to strike deals and procure oil and gas. The heavy and light grades of Iranian crude are quite compatible with our refineries. It will benefit all oil companies if we manage to secure some cargoes,” the official said.
