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Delegation staff members meet in the lobby on June 21 (local time), the day a four-party meeting among the US, Iran, Pakistan, and Qatar is set to take place at the Bürgenstock Resort overlooking Lake Lucerne in Switzerland. / Courtesy of AFP Yonhap

Iran has launched an aggressive marketing campaign targeting major Asian oil buyers after the US granted a 60-day waiver allowing the sale of Iranian crude, Bloomberg reported on June 23 (local time).

Industry sources revealed that representatives from the National Iranian Oil Company (NIOC) and intermediary traders began contacting refiners across Asia, including Japan and South Korea, even before the waiver was officially approved. These outreach efforts have noticeably intensified following the official announcement.

Having relied heavily on China for most of its exports due to tight international sanctions, Iran is looking to use this window to diversify its buyer base and offload millions of barrels currently stranded aboard oil tankers.

According to data from energy analytics firm Vortexa and calculations by Bloomberg, roughly 68 million barrels of crude and condensate were floating in maritime storage as of June 22. At least 80% of this volume lacks a designated destination, classifying it as immediately available supply.

Tehran is reportedly floating the idea of long-term supply contracts as it eyes boosting overall production. However, Asian buyers outside of China are maintaining a highly cautious stance.

Market experts point to the underlying uncertainty surrounding US policy as the primary reason Asian refiners are hesitating to bite. Given the volatile nature of Washington's sanctions regime, companies find it difficult to justify taking on risks beyond short-term, one-off spot deals.

Compounding the issue, the European Union and the UK continue to maintain their respective sanctions on Iran, making financing and securing maritime insurance a deeply complicated process.

Bloomberg also noted that few ports would be willing to open their berths to the so-called "shadow fleet" vessels typically used to transport Iranian crude.

Furthermore, the supply-and-demand dynamics in the broader Middle East crude market are working against Iran. Benchmark grades, such as Dubai and Abu Dhabi’s Murban, are currently trading in a contango structure—where near-term prices are cheaper than longer-dated contracts—reflecting a short-term supply glut. The consensus among analysts is that unless Iran offers steep, sweeping discounts, refiners have little incentive to brave regulatory risks to buy its oil.

While this 60-day grace period might slightly reduce Iran's dependency on China, market experts stress that a sustained and credible easing of sanctions is a prerequisite before Iranian crude can flow back into the global market at a meaningful volume.

                                                                                                            Lee Jung-eun