💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Asia's Iran crude imports hit more than five-year low in November as sanctions bite

Published 12/28/2018, 03:28 AM
Updated 12/28/2018, 03:30 AM
© Reuters. FILE PHOTO: Iranian crude oil supertanker "Delvar" is seen anchored off Singapore
CL
-

By Florence Tan and Yuka Obayashi

SINGAPORE/TOKYO (Reuters) - Imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as U.S. sanctions on Iran's oil exports took effect last month, government and ship-tracking data showed.

China, India, Japan and South Korea last month imported about 664,800 barrels per day (bpd) from Iran, according to the data, down 12.7 percent from the same month a year earlier.

South Korea cut imports to zero for a third month in November while Japan followed suit. India's November imports are down about 40 percent from October, the data showed.

Asia's Iranian oil imports are set to rise from December after the United States granted eight countries waivers from sanctions against Iran's oil exports for 180 days.

China's Iranian oil imports rebounded to close to 390,000 bpd in November, up from about 247,000 bpd in October, the lowest in more than five years.

Sinopec, Tehran's biggest crude buyer, resumed Iran oil imports shortly after China received its waiver in November while China National Petroleum Corp (CNPC) will restart lifting its own Iranian oil production in December.

Japan and South Korea are preparing to resume Iranian oil imports in early 2019.

© Reuters. FILE PHOTO: Iranian crude oil supertanker "Delvar" is seen anchored off Singapore

India is expected to restrict its monthly purchases of Iranian oil to 1.25 million tonnes, or 9 million barrels, during the waiver period from November.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.