Asian Imports of Iran Oil Slip

Asian Imports of Iran Oil SlipAsian Imports of Iran Oil Slip

Asian imports of Iranian oil fell to the lowest level in two years in October, as Iran's biggest crude buyers held off from increasing purchases following a landmark agreement on Tehran's nuclear program in July. Imports by Iran's four biggest buyers, namely China, India, Japan and South Korea, reached 803,674 barrels per day in October, the lowest since October 2013, and down 8.5% from a year ago, government and tanker-tracking data show, Reuters reported. Total imports by the top four Asian buyers have slumped this year since reaching a peak of 1.205 million bpd in May and had held steady at about 1.02 million bpd since July, the data showed. Sanctions cut Iran's crude exports to around 1 million bpd, down from 2.5 million bpd in 2011. For the first nine months of 2015, Asian buyers took in just over 1 million bpd, down 6.3% from a year earlier. Japan's purchases fell more than 6% in October from a year earlier to 152,851 bpd, trade ministry data showed on Monday.