Asians Increase Iran Oil Imports

Asians Increase Iran Oil Imports

Imports of Iranian oil by four major buyers in Asia in July jumped 61.1% from a year earlier, marking the biggest percentage gain since April 2014, reflecting Tehran's efforts to recoup market share, lost under international sanctions, Reuters reported. Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, and senior government officials say they see Iran’s 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 in July, government and ship-tracking data showed. Japan's Trade Ministry on Wednesday released official data showing its imports jumped 61.8% 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. Iran’s largest crude customer China imported 780,175 bpd in June, indicating 16.1% rise compared to May volumes.

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