Asia Buys 19.6% More Iran Crude in Jan.-Sept.

Source: 11/2/2014, Location: Asia

Asian buyers imported 1.14 million barrels per day of Iranian crude in the first nine months of 2014, up 19.6 percent from the same period last year.

China’s imports from Tehran for the January-September period were at 570,350 bpd, up 33.2 percent on year. For September, China’s imports from Iran rose 5.8 percent from last year to a two-month high of 503,261 bpd.

India’s imports in September fell 18.5 percent from last year to 241,400 bpd, and over January-September, imports rose 38.1 percent to 267,800 bpd.

South Korea’s imports from Iran last month fell 2.3 percent from a year ago to 134,300 bpd, while its shipments for the January-September period were down 6.7 percent from last year to 127,458 bpd.

Shipments to Japan – the last of the four to report its oil intake – fell by 18.4 percent to 205,798 bpd last month, trade ministry data showed on Friday. For the year through September, imports fell 10.5 percent from a year ago to 174,395 bpd.

Asian buyers of Iranian crude imported 6.6 percent less in September than a year ago, the first on-year decline since December, but shipments rose back above the 1 million barrels-per-day mark allowed under a deal that eased Western sanctions.

World powers are negotiating to strike a permanent settlement with Iran on its nuclear program by a Nov. 24 deadline.

After a temporary deal was reach in November of last year to ease some of the sanctions, Iran’s sales to its biggest Asian buyers – China, India, Japan and South Korea – jumped by as much as a third in the first quarter of this year.

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