Iran’s oil exports to Asian clients up 61%

Latest figures show a major rise in Iran’s oil exports to Asia in a yet another indication that the country is moving faster toward its goal a to reach pre-sanctions production levels.

Reuters in a report said Iran’s export of oil to India, Japan and South Korea stood at an average of 1.64 million barrels per day (mb/d) in July.  The figure shows an increase of 61.1 percent compared to the same period last year.  It also marked the country’s biggest percentage gain since April 2014, Reuters added.

Imports by South Korea (0.29 mb/d) jumped more than fourfold last month, while India's imports (0.52 mb/d) more than doubled from a year ago.

Japan’s imports stood at 0.25 mb/d – some 62 percent higher than last July.  China imported 0.56 mb/d which was the largest volume of imports among the four Asian clients of Iran’s oil.  Nonetheless, the figure showed a minor decline of 1.7 percent compared to last year.   

Iran’s First Vice President Es’haq Jahangiri said in early August that the country’s oil exports had increased to as high as 2.5 million barrels per day. The landmark development was seen as a fresh sign that the country has already regained a crucial global oil market share that it had lost as a result of multiple years of sanctions.

Iran’s Petroleum Minister Bijan Zangeneh had repeatedly emphasized that the Islamic Republic was determined to regain its share of the oil market that it had lost as a result of the sanctions within a short period of time. 

SS