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Asia's Iran Oil Imports Rise 73% YoY in Sept.
Energy

Asia's Iran Oil Imports Rise 73% YoY in Sept.

Imports of Iran's crude oil by four major buyers in Asia in September jumped more than 70% from a year ago, as the producer continued to recoup market share lost under sanctions.
Iran's top four Asian buyers, namely China, Japan, India and South Korea, imported nearly 1.8 million barrels per day in September, government and ship-tracking data showed. That is down from the highest level in at least 5-1/2 years in August, Reuters reported.
But oil-purchase arrivals could rise again in October, with Asian buyers loading 1.83 million bpd of crude oil and condensate this month and about 1.96 million bpd in September, according to a source with knowledge of Iran's tanker schedules.
Economic sanctions targeting Iran’s nuclear program were lifted in January. Tehran has ramped up efforts to raise its output and export levels since then back to where they were before sanctions went into force in early 2012.
Japan's Trade Ministry on Monday released official data showing its imports rose 80% from a year earlier to nearly 313,000 bpd in September.
India's imports more than doubled from a year earlier to 552,200 bpd, down from 575,900 bpd in August, the highest in at least 15 years.
Imports by South Korea also more than doubled, while Chinese imports were up by 18%.
Ali Kardor, managing director of the National Iranian Oil Company, said on Sunday Iran's export of crude oil and gas condensates will rise to around 3 million barrels per day in the current Iranian year that ends in March 2017.
Kardor added that in view of the country’s 500,000 barrels of daily gas condensate shipments and 2.2 million barrels oil exports, which are to meet a 300,000-barrel rise, combined crude and condensates exports will reach 3 million bpd.

 

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