Iran offers concession to Asian oil buyers; counters tough Western sanctions

The Financial Times reported on Wednesday that, Iran is offering handsome concession to Asian oil buyers’, including India, the west’s most favorite Asian state, easier credit terms to attract more trade and thwarting hard Western sanctions meant at restricting the OPEC member's principal export.

The newspaper stated that, Tehran has offered a few of potential customers in Asia a 180 days of free credit facility, each month of credit amounted to a concession of approximately $1.2 to $1.5 a barrel.



The FT reported that, Regardless of its kind conditions, Iran was under pressure to discover new customers, the FT reported.



The United States and European Union have forced down sanctions on Iran's oil trade as they look for, to trim down the flow of petrodollars and to compel Tehran to stop the progress of a nuke program the West suspects is intended to produce weapons.



the Financial Times reported that, Saudi Arabia and other most important Middle East oil producers offers 30 days of credit, and Tehran previously has only permitted such a concession to its significant importers such as China to pay in 60 to 90 days. Iran's offer of longer payment periods amounts to a discount of about 7.5 percent per $118 barrel.