Sunday, September 25, 2022

Iran Announces Major Jump in Asian Oil Exports

Asian imports of Iranian oil in March jumped 50% from a year earlier, as shipments to India and South Korea have risen since international sanctions were lifted on Iran.

Imports to Iran’s top four buyers – China, India, Japan and South Korea – came to 1.56m bpd in March, up 50% from a year ago, government and tanker-tracking data showed.

India’s imports last month totalled 506,000 bpd, the highest in five years, the data showed.

South Korea’s imports in March experienced a 95% raise in comparison with the previous year, reaching 264,000 bpd. Imports to China and Japan fell from a year ago.

In mid-January, a series of economic sanctions that had been imposed on Iran for multiple years were removed after a deal between the country and the P5+1 – the five permanent members of the Security Council plus Germany – was implemented.

The sanctions barred foreign investment in the Iranian oil industry and also implemented a ceiling of 1m bpd on the country’s oil exports.

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