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Four major Asian importers of Iran`s crude more than doubled their shipments from the country in December as compared with last year`s corresponding period.
China. India. South Korea and Japan imported 1.89 million barrels per day in December which showed a rise of more than twice as compared with December 2015. the latest data released by International Energy Agency (IEA) showed.
Iran was exempted from an OPEC deal in January to reduce output by 1.2 million barrels per day (bpd). a boon for the country which had argued it needs to regain the market share it lost under the Western sanctions targeting its nuclear program.
Since the lifting of sanctions in January. Iran has doubled oil exports as prices have recovered. Europe represents Iran`s biggest post-sanctions recapture of the lost market. where the continent currently receives more than 700.000 barrels per day of Iranian crude oil.
Foreign companies have been flocking to Iran to renew work in the energy sector because of the low cost of doing business.
