Asian imports of Iranian oil jumped nearly a quarter from a year earlier to a two-year high in February, as shipments into India and South Korea roughly doubled weeks after international sanctions were lifted on Tehran's nuclear program.
Tehran's exports may also get further support, as progress has been made on reinsurance issues that had been hampering its oil trade, Reuters reported.
Imports by Iran's top four buyers, China, India, Japan and South Korea, came to 1.28 million bpd in February, up 24.6% from a year ago, government and tanker-tracking data show. That was the highest volume taken by Tehran's four biggest oil clients since they bought 1.37 million bpd in February 2014.
The sanctions kept Iran's exports at around 1 million bpd—down from an average 2.5 million bpd in 2011—and have been credited with forcing Tehran to the negotiating table over its disputed nuclear activities. India's imports last month grew 111.1% to 215,800 bpd, the most since December. South Korea's imports hit a two-year high of 282,000 bpd. Imports by China and Japan were mostly steady from a year earlier.
