Imports of Iranian crude and condensate edged up in January from 745,000 b/d in November and 775,000 b/d in December, the two lowest figures since the immediate aftermath of the 1979 Iranian revolution. But they were still below 1mn b/d for the third lowest figure since 2013.

Imports look to have risen above 1mn b/d in February as Japan resumed imports for the first time since October and South Korea increased takings from January’s 57,000 b/d (the first in five months). But the two US allies are already talking of halting loadings from late March in anticipation of the end of the current six-month sanctions ‘waiver’ period on 4 May. (CONTINUED - 906 WORDS)