U.S. 60-Day Sanction Waiver Takes Effect, Iran Seeks Asia's Largest Oil Buyers with 68 Million Barre

On June 23, for the first time in decades, the U.S. implemented a comprehensive waiver for sanctions on Iranian oil, prompting Iranian exporters to rush to engage Asia's largest oil buyers in an effort to clear offshore stockpiles and broaden their buyer base within the 60-day policy window. On June 23, the U.S. Treasury issued a general license valid for 60 days, fully exempting Iranian crude oil and petrochemical production and sales from sanctions, while Iran confirmed the immediate unfreezing of $12 billion in overseas assets. U.S. Vice President Vance revealed that Iran has agreed to allow international inspectors to return to its nuclear facilities, although Tehran has not publicly acknowledged this concession. Bloomberg reported that sellers, including intermediaries and representatives from the National Iranian Oil Company, had already reached out to refiners in India, Japan, and South Korea even before the license was officially issued, negotiating both spot cargoes and long-term contract arrangements. According to data from analytics firm Vortexa and calculations by Bloomberg, as of June 22, approximately 68 million barrels of Iranian crude and condensate were floating at sea, with at least 80% lacking a clear destination port, theoretically available to the market. However, Asian buyers are not in a hurry to enter the market. Abundant supply, ongoing sanctions from the EU and the UK, and doubts about the consistency of the Trump administration's policies have led most refiners to adopt a wait-and-see approach. Analysts warn that unless Iran offers significant discounts, large-scale substantive purchases are unlikely to materialize in the short term.