Asian Imports Of Iranian Oil Hit 14-month Low

Asian Imports Of Iranian Oil 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 Chinaand 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 Western sanctions against Tehran were lifted in January last year, leading to a spike in shipments.

China, India, South Korea and Japan together imported 1.46 million barrels per day (bpd) last month, down 15.2 percent 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 increases shipments to Europe. nI7N1HC01M]

For the first six months of 2017, purchases by Asia’s main buyers were still up 21 percent on a year ago at 1.71 mln bpd. Read More…

 

 

Credit By: ET

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