01-12-2016

Asia’s October imports of Iranian oil more than double from year ago

Asiafuelo

Imports of crude oil by Iran’s four major buyers in Asia in October more than doubled from a year ago as the producer continued to recoup market share lost under sanctions, pushed higher as the two biggest buyers India and China each took in nearly 800,0000 barrels per day.

Iran’s top four Asian buyers, China, India, South Korea and Japan, imported 1.99 million barrels per day (bpd) last month, up 147.9 percent on year, government and ship-tracking data showed, marking the highest volumes since at least 2010, according to data by International Energy Agency.

The volumes were in line with the OPEC member’s crude oil and condensate export plans. Tehran has been battling to raise its output and export levels since economic sanctions targeting Tehran’s disputed nuclear programme were lifted in January.

Japan’s trade ministry on Wednesday released official data showing its imports rose 32.1 percent from a year earlier to 202,000 bpd in October.

India’s imports grew more than fourfold from a year earlier to 789,100 bpd, the highest in at least 15 years, and topping China’s imports of 773,860 bpd, which were more than double from a year ago. Imports by third-biggest buyer South Korea rose 73.2 percent.

Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a deal to limit output and boost the price of crude when it meets on Wednesday.

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

Source: Reuters

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