Iran oil waivers: How India, China are lining up after US exemptions

India was one of the most vocal negotiators for an exemption from the US, as the government faced protests over rising fuel costs before national elections next year

Armed with waivers to keep importing Iranian oil without running afoul of US sanctions, some of the Islamic Republic’s top customers are preparing to buy.

The exemptions mean at least some supplies from OPEC’s third-biggest producer will keep flowing into international markets, after its exports plunged almost 40 per centsince April -- the month before Washington announced the curbs. In a bid to keep customers, the state-run National Iranian Oil Co. has been offering record discounts on its crude.

Almost all major buyers of Iran’s oil had negotiated with the US for the waivers, arguing that cutting purchases to zero would affect