A price war is building between Middle East oil countries as Iran seeks new markets for its crude to offset the loss from US sanctions , and is selling its oil at the cheapest level for 14 years . Countries in Asia , the world ’s biggest oil - producing region , are being pressured by the US to stop buying oil from Iran . AMAug 13 2018, 8:31 AMAugust 10 2018, 11:22 AMAugust 13 2018, 8:31 AM China has already said it would ignore the sanctions while South Korea and Japan are awaiting news on waiver requests , and India is preparing to buy oil from the US . Meanwhile , Saudi Arabia has offered extra oil to some Asian buyers .
A price war is building between Middle East oil countries as Iran seeks new markets for its crude to offset the loss from US sanctions , and is selling its oil at the cheapest level for 14 years . Countries in Asia , the world ’s biggest oil - producing region , are being pressured by the US to stop buying oil from Iran . China has already said it would ignore the sanctions while South Korea and Japan are awaiting news on waiver requests , and India is preparing to buy oil from the US . Meanwhile , Saudi Arabia has offered extra oil to some Asian buyers .