India and South Korea agreed with the US on the outline of deals that would allow them to keep importing some Iranian oil, according to Asian officials with knowledge of the matter.
No final decision has been made and an announcement is unlikely before US sanctions on Iran are reimposed Nov. 5, the officials said, asking not to be identified because the information is confidential. That opens the possibility that the terms could still be modified or the deals scrapped entirely.
The waivers would ensure at least some Iranian oil continues to flow to the global market, potentially calming fears of a supply crunch and further suppressing international oil prices just before mid-term elections in the US Brent crude has fallen 14 percent from over $85 a barrel last month on signs that other OPEC producers will pump more to offset any supply gap.
Almost all buyers have been negotiating with the US for waivers. That was after President Donald Trump in May withdrew from a nuclear agreement with Tehran hammered out by his predecessor, Barack Obama, and said he would reimpose economic curbs lifted under that 2015 accord. Read more