Iran Targets Further Trade Gains in Asia With Korea Payments Deal

Iran has successfully boosted exports of crude oil and condensate to its key Asian buyers since sanctions were eased in January. MEES calculates that the four largest buyers of Iranian oil – China, India, Japan and South Korea – have upped their takings in January-July this year to 1.43mn b/d, up 28% on the same period last year.

The upshot is that the region’s importing of Iranian oil this year is on track to reach levels not achieved since sanctions were ratcheted up in late 2011. China’s receipt of Iranian crude dipped in July, dragging the total amount down from June’s heights to 1.58mn b/d (see chart). But even then Chinese takings were higher than all bar four months in 2015.


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