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Total imports of Iranian crude oil and condensates largely held steady in July versus June levels, according to latest official trade and customs data, as increased intakes from Iran’s two biggest buyers China and India made up for decreased purchases from Japan and South Korea.
Both Beijing and New Delhi have stepped up purchases from the Islamic Republic since the start of the year, following the signing of an interim agreement last November which eased some of the EU and US-led sanctions on Iran, in exchange for a scaling down of its contested nuclear program (MEES, 29 November 2013).
These increased intakes have in some months pushed total imports of Iranian oil well above the (understood) 1-1.1mn b/d mark permitted by the November 2013 deal struck with the P5+1 group of world powers (the five permanent members of the UN Security Council plus Germany).
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