According to some reports, the authorities in Iran are struggling to find buyers for its crude oil in the international markets due to sanctions by the European countries and US.

Iran is aiming to sell additional 500,000 barrels per day of oil o refineries in India and China, according to reports citing industry sources. The crude oil is scheduled for delivery from the start of April, however the country is not offering any discount on the oil.

Experts say that if Iran is not able to enter into deals for selling the crude oil by mid-March then it will have to store additional production of oil in tankers or it will have to reduce output.

The governments in Europe and the US are urging Asian countries to reduce oil imports from Iran so as to make their sanctions more effective in order to force Tehran to come clean on its nuclear programme. Iran is suspected of covertly developing nuclear weapons, a charge it denies and maintains that it has the right to harness civilian nuclear energy for generating power.

India’s union finance minister Pranab Mukherjee recently said that it wont be possible for the country to reduce oil imports from the country, which accounts for 12 per cent of its supply.