Iran increasing freight discount to boost oil sales to India

New Delhi

IRAN has offered to raise the freight discount on oil sales to India in return for New Delhi agreeing to boost imports, as the Opec member is keen to eat into the market share of other producers including top rivals Saudi Arabia and Iraq.

Iran is pushing to retain customers for its oil in Asia, hoping concessions will boost the appeal of its crude compared with other Middle Eastern suppliers, even as the threat looms of potential further US sanctions on the country.

Since the lifting of sanctions on Iran in 2016 it has been offering India a freight discount linked to a formula translating into 105 per cent of …