Asian Imports of Iranian Oil Fall by 2% in May: Report
TEHRAN (Tasnim) – Imports of Iranian crude by its four main buyers in Asia fell 2 percent in May compared to the same period last year.
Iran’s top four Asian buyers, China, India, South Korea and Japan, imported 1.60 million barrels per day (bpd) last month, government and ship-tracking data showed, Reuters reported.
Iran’s oil exports to the West surged in May to their highest level since anti-Tehran sanctions were lifted, a source familiar with Iranian oil exports said.
Looking ahead, Iran’s crude oil exports in July are set to fall 7 percent from this month’s three-month high, mainly due to a decline in exports to Europe, a person with knowledge of the Middle Eastern country’s tanker loading schedule said.
Japan’s trade ministry on Friday released official data showing its Iranian imports tumbled by nearly half, reflecting lower demand because of the refinery maintenance season.
Earlier this month, Iranian Oil Minister Bijan Namdar Zangeneh said that overall Iranian oil output was hovering at more than 3.9 million bpd and is expected to reach 4 million bpd by March 2018.
Iran has been raising output since 2016 to recoup market share lost to regional rivals after Iran and the Group 5+1 (Russia, China, US, Britain, France, and Germany) reached a nuclear agreement in July 2015 and implemented it in January 2016. It terminated all nuclear-related sanctions on Iran.