Trump Playing Hardball Gives Iran Oil Buyers Costly Headache
- Asia refiners seek alternatives as U.S. ends sanctions waivers
- While replacements can be purchased, they’ll come at a price
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The biggest buyers of Iranian oil are being struck by deja vu, and it’s not conjuring up pleasant memories.
Six months ago they were scrambling to secure alternative supplies as the U.S. prepared to impose sanctions on Iranian oil exports, though last minute waivers eventually gave them a reprieve. Now, the Donald Trump administration says it won’t renew those same waivers, forcing the buyers to find a replacement for the Persian Gulf barrels.