01-09-2016

Asia’s July Iran oil imports rise 61 pct from a year ago

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Imports of Iranian oil by four major buyers in Asia in July jumped 61.1 percent from a year earlier, marking the biggest
percentage gain since April 2014, reflecting Tehran’s aggressive moves to recoup market share, lost under international sanctions.

Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, and Iran’s senior government official said it sees its oil production at 4 million barrels per day by year-end.

The four countries, South Korea, Japan, China and India, imported 1.64 million barrels per day (bpd) in July, government and ship-tracking data showed.

Japan’s trade ministry on Wednesday released official data showing its imports jumped 61.8 percent from a year earlier to 256,651 bpd last month.

Imports by South Korea jumped more than fourfold last month, while India’s imports more than doubled from a year ago.

The following tables show Asia’s Iran crude imports in bpd for last month and the year to date.

 Nation          Jul-16      Jul-15  yr/yr pct
 China         566,191     575,700        -1.7
 India         523,100     215,400       142.8
 Japan         256,651     158,608        61.8
 Korea         291,097      66,710       336.4
 Total       1,637,039   1,016,418        61.1
    
  Nation  Jan-July 2016  Jan-July 2015   yr/yr pct
   China       595,598        587,400          1.4
   India       368,300        215,300         71.0
   Japan       213,261        170,727         24.9
   Korea       268,667        111,665        140.6
   Total     1,445,826      1,085,092         33.2

Source: Reuters 

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