Asia’s Iran crude oil imports dips to two-month low in January; to rebound in February


Asia’s Iran crude oil imports dips to two-month low in January; to rebound in February

Asia’s crude oil imports from Iran dipped in January to the lowest in two months after top buyers China and India slowed down purchases and as Japan recorded zero imports for a third month, government and trade data showed.

Asia’s top four buyers of Iranian crude – China, India, Japan and South Korea – imported a total 710,699 barrels per day of crude from Iran in January, 49 percent lower than the same month in 2018, the data collated by Thomson Reuters showed.

U.S. sanctions on Iran that took effect last November have severely reduced its exports to Asia even though Washington gave waivers to eight countries allowing them to import lower volumes of Iranian oil for six months.

Buyers had to overcome shipping and payment issues which delayed the resumption of Iranian oil imports in Japan and South Korea.

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