According to Bloomberg, Iran is preparing to re-enter international oil markets, with representatives from the National Iranian Oil Company meeting with two South Korean refiners to negotiate supply agreements. South Korea, along with China and India, was one of the top three importers of Iranian oil before the United States put sanctions on Iran over its nuclear energy program during President Trump’s tenure. Iran supplied 18.5 million barrels per month on average.

The sanctions, on the other hand, discouraged the country from continuing its oil deal with Iran, and when the restrictions were reinstated in 2018, the government in Seoul even froze certain Iranian oil funds. On the other hand, China has never ceased purchasing Iranian crude oil. According to the most recent data, it was the destination for almost all of the country’s export oil, which peaked at over 1 million barrels per day in December.

Despite concerns that reaching an agreement on Tehran’s nuclear program would be difficult for the US and Iran, the visit of Iranian oil officials may indicate that negotiations in Vienna are progressing well. According to estimates, Iran could add half a million barrels per day to global supplies between April and May and another 800,000 bpd by the end of the year if a deal is reached.