Iran may not find new buyers for crude in Southeast Asia, hampering the OPEC producer’s efforts to find alternative outlets for barrels displaced by Western sanctions, refiners and traders said on Tuesday.
The region is seen as a potential market for Iranian barrels. Tehran is struggling to find buyers after top consumers China, India and Japan cut purchases.
Iran has stopped sales to British and French companies in retaliation against an embargo announced by the European Union that comes into effect from July 1. The world’s fifth-largest exporter said it would sell to new customers.
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