4 Asian Countries Increase Oil Imports from Iran

China. India. South Korea and Japan have more than doubled their crude imports from Iran. government data said.

The four Asian countries imported 1.94 million barrels per day (bpd) last month showing 117 percent on a year earlier. government and ship-tracking data said.

It said that the volumes were in line with the OPEC member`s crude oil and condensate export plans after Iran was exempted from last month`s OPEC deal to reduce output.

The waiver was a major victory for Tehran which has been trying to regain the market share it lost under Western sanctions.

Official data released by Japan`s Trade Ministry on Wednesday showed the country’s imports from Iran jumped 41.2% from a year earlier to 237.653 bpd last month.

India topped China`s imports for a third straight month as its imports from Iran grew more than four-fold from a year earlier to 620.000 bpd.

The biggest raise. however. was recorded by South Korea whose imports were nearly five times higher at 472.067 bpd.

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.

In relevant remarks on Tuesday. Managing Director of the National Iranian Oil Company (NIOC) Gholam Reza Manouchehri said that he expected the country to award roughly a dozen new agreements for oil and gas developments.

He said the costs of producing oil and gas in Iran are very low compared to other countries. which was attracting foreign investors.

US-based oilfield services company Schlumberger recently signed an initial deal with an Iranian oil company for data-sharing. European energy companies like Austria`s OMV and France’s Total signed memorandums of understanding of their own.

 

About core

Check Also

India will Drive Global Energy Demand

With the pandemic pummelling global demand, India will drive the energy consumption in the world, …

Leave a Reply

Your email address will not be published. Required fields are marked *