Asia's Sept imports of Iranian oil rise 73% from year ago

November 1, 2016 - 9:29

Imports of crude oil by Iran's four major buyers in Asia in September jumped more than 70 percent from a year ago as the producer continued to recoup market share lost under sanctions.

Iran's top four Asian buyers, China, Japan, India and South Korea, imported nearly 1.8 million barrels per day (bpd) in September, government and ship-tracking data showed. That is down from the highest level in at least 5-1/2 years in August.

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 the OPEC member's disputed nuclear program were lifted in January. Tehran has been battling to raise its output and export levels since then back to where they were before toughened sanctions went into force in early 2012.

Japan's trade ministry on Monday released official data showing its imports rose 80 percent 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 percent.

(Source: Reuters)

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