Imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as U.S. sanctions on Iran’s oil exports took effect last month, government and ship-tracking data showed.
China, India, Japan and South Korea last month imported about 664,800 barrels per day (bpd) from Iran, according to the data, down 12.7 percent from the same month a year earlier.
South Korea cut imports to zero for a third month in November while Japan followed suit. India’s November imports are down about 40 percent from October, the data showed.
Asia’s Iranian oil imports are set to rise from December after the United States granted eight countries waivers from sanctions against Iran’s oil exports for 180 days. Read More
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