Iranian oil exports to China, India surge in July despite U.S. sanctions

August 9, 2018

TEHRAN – Iranian crude oil loadings to China and India increased significantly in July compared to the previous month despite U.S. threats, a Platts survey showed. According to Platts data, Shipments to china were 799,452 barrels per day (bpd) in July, up from 722,100 bpd in June.

Last week, a news report said Chinese officials has rejected U.S. requests to cut imports of Iranian oil but added that China's imports might not rise further than current levels.

Flows to India in July rose despite some Indian refiners saying they would reduce their reliance on Iran. Iran's oil exports to India rose by more than 40,000 bpd from June to 706,452 bpd in July.

Exports to Japan also surged to a seven-month high as refiners rushed to secure as many cargoes as possible before U.S. sanctions are re-applied.

Japanese officials visited Washington last week seeking an early exemption to continue to buy Iranian crude but U.S. officials have refused to comment on the talks.

The U.S. government is pushing countries to cut Iranian oil imports to zero, but major customers such as China and India are expected to find ways to continue deals despite the sanctions.

Flows to Europe in July fell to 465,450 bpd from 485,768 bpd as demand from France, Spain, and Turkey fell while interest from Italy and Greece grew steadily.

EF/MA

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