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Asian Imports of Iranian Crude Hit 14-Month Low
Asian Imports of Iranian Crude Hit 14-Month Low

Asian Imports of Iranian Crude Hit 14-Month Low

Asian Imports of Iranian Crude Hit 14-Month Low

Imports of Iranian crude by major buyers in Asia fell for a second month in a row to a 14-month low in June, weighed down by sluggish purchases by China and Japan.

It is the first time that import volumes of Iranian crude by Asia's four main buyers have fallen for two straight months since international sanctions against Tehran were lifted in January last year, leading to a spike in shipments, Reuters reported.

China, India, South Korea and Japan together imported 1.46 million barrels per day last month, down 15.2% on a year ago and the lowest amount since 1.32 million bpd in April last year, government and ship-tracking data showed.

The fall comes as Iran aims to raise oil output to around 4 million barrels per day by the end of the year from around 3.8 million bpd in recent months and increase shipments to Europe.

For the first six months of 2017, purchases by Asia's main buyers were still up 21% on a year ago at 1.71 million bpd.

Iran was exempted from an agreement by the Organization of Petroleum Exporting Countries to reduce output by 1.2 million bpd, a victory for Tehran that has argued it needs to regain the market share it lost under economic restrictions over its nuclear program.

The latest data showed India's imports of Iranian crude rose more than 30% in the first three months of India's financial year in April-June.

Oil Minister Dharmendra Pradhan said in mid-July that India's state refiners plan to buy less Iranian oil in 2017/18 compared with the last fiscal year due to commercial and operational considerations.

Japan's trade ministry on Monday released official data showing its Iranian imports fell for a second straight month last month.

NITC, Iran's leading oil tanker operator, said this month its shipments to Europe were increasing daily and the company plans to upgrade its fleet to support expansion.

 

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