Asia's Oct. Iran Oil Imports Soar

Asia's Oct. Iran Oil Imports Soar

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 last month, up 147.9% on year, government and ship-tracking data showed, marking the highest volumes since at least 2010, according to data by International Energy Agency, Reuters reported. The volumes were in line with the OPEC member's crude oil and condensate export plans. Japan's trade ministry data showed its imports rose 32.1% 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%.

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