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China. India. South Korea and Japan have increased their crude imports from Iran considerably. government data said.
`The four biggest buyers of Iranian crude oil in Asia increased their imports in April by nearly 23% compared to a year earlier.` government and ship-tracking data said.
The four major buyers of Iranian crude oil in Asia including China. India. South Korea and Japan imported 1.6 million barrels per day (bpd) last month.
In the first four months of 2017. the four Asian countries imported 1.8 million bpd. a 40 percent rise from the same period last year.
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.
