Iran is extending credit conditions for term crude sales to at least one Asia-Pacific customer,as oil demand falls.India's state-owned HPCL is getting 90 days of credit in its Iranian crude purchases this year.The firm previously had to pay for term purchases 30 days after loading dates.Extended credit increases the attractiveness to refiners of buying crude.Iran has not fully complied with Opec output targets so far this year(AGM,6 April,p2).This has raised tensions within the organisation as it tries to limit the amount of crude available to the market(see below).
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