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

Business a.m. - - ENERGY, POWER & RENEWABLES -

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.

Reuters Says Asia’s Irato nian oil im­ports are set to rise from De­cem­ber after the United States granted eight coun­tries waivers from sanc- tions 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.

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.

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