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Asia Readies for Iran Oil Bargains on Potential Nuclear Deal

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Asian oil buyers taking their pick of supply from Iraq to Mexico amid a global glut are preparing for the pool of potential bargains to expand if Iran boosts exports.

As world leaders seek an accord on Iran’s nuclear program, at least six Asian refiners including India’s Mangalore Refinery and Petrochemicals Ltd. and Japan’s Cosmo Oil Co. are anticipating more supply from the Middle East producer if sanctions against the nation are lifted. While global producers seek to defend market share as oil prices trade near a six-year low, buyers in Asia are diversifying their crude sources by shipping cargoes from as far as Colombia.