Iran's Oil Exports to Asia Reach Highest Level in 4 Years: Report


Iran's Oil Exports to Asia Reach Highest Level in 4 Years: Report

TEHRAN (Tasnim) – Iran’s oil exports to four major Asian buyers have reached the highest level in more than 4 years, witnessing 47.1 percent rise compared to the same period last year, a report said.

Tehran's oil sales hit 4-1/2 year high in June, nearly doubling since December as anti-Tehran sanctions were lifted on its oil exports in January, Reuters said on Friday citing government and ship-tracking data.

As a result, Iran is regaining market share at a faster pace than analysts had projected since sanctions were terminated in January.

The four countries, South Korea, Japan, China and India, imported 1.72 million barrels per day (bpd) from Iran in June, the report said.

Iran's oil exports were between 2.1 and 2.3 million bpd in April and May, up from 1.3 million bpd a year ago, when Iran was shut out of the European market and dependent on limited shipments to Asian buyers, it added.

Asia is the main destination for crude shipped by foreign vessels, with India, China and Japan the biggest takers, but at least four international tankers are also heading for Europe, according to the report. 

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