A surge in South Korean and Indian oil imports from Iran following the removal of sanctions has caused a 50% growth in the Asian countries’ oil imports from the Islamic Republic in March, 2016.
The growth in oil imports indicates that Iran’s strategy in regaining its share of global oil market has been successful after the removal of sanctions.
Based on customs and shipping data, total oil imports from Iran by the four major Asian customers (China, India, Japan, South Korea) hit 1.560 million barrels/day in March, up by 49.9% compared to the figure for the corresponding period last year.
During the same month, India imported 506,100 barrels/day from Iran, the highest in the past five years, while South Korean imports from Iran stood at 264,452 barrels/day.
