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• South Korea imported 243,000 b/d from Iran in March. Though this was down a touch on February’s 267,000 b/d it marked the third straight month over 200,000 b/d with first quarter imports from Iran at the highest quarterly level since Q3 2011, just before sanctions were tightened (see p21 for full data).
• Meanwhile, Indian volumes more than doubled from February levels to around 500,000 b/d for March, the highest since 2012. Indian companies such as Essar Oil are in talks with Iran to pay off debts for pre-sanctions oil purchases, with exchange rate fluctuations a sticking point. Chinese imports also rose, with the 591,000 b/d recorded the highest since June 2015.
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