Iran Oil Sales: Calm Before The Storm?

• Imports of Iranian oil slipped to an 8-month low in September as three of Iran’s ‘big-four’ Asian customers cut purchases month-on-month. Buying appears to have stayed low in October – a typically slow month for Iranian oil sales in recent years – with the onset of the Asian refinery maintenance season.

• Sales of Iranian crude oil and condensate stood at 1.17mn b/d in September, according to latest official customs figures, down slightly from 1.18mn b/d in August and 1.28mn b/d for the first half of the year. Volumes were hit as increased intakes from South Korea failed to make up for weaker buying from Iran’s three biggest traditional buyers: China, India and Japan. Together, the three imported 128,000 b/d less Iranian oil in September versus August. (CONTINUED - 304 WORDS)