Iran’s Asia Oil Exports Increase by 25% After JCPOA Implementation

After the implementation of the Joint Comprehensive Plan of Action, Iran’s oil exports to different Asian countries went up by 25%.

Japan, China, South Korea, and India were the most important customers who import Iran’s oil during sanctions era. Turkey was their only non-Asian customer. Although may European countries showed interest in importing Iran’s oil, Asia still remains their biggest customer in the post-sanctions era.

According to a report announced by the office for OPEC and Relations with Energy Organizations in Ministry of Petroleum, the amount of crude oil bought by South Korea and India doubled compared to the pre-sanctions era. China imported 538,000 barrels crude oil which showed 1.2% increase compared to the previous year.India also bought 215,000 barrels per day in April which had 112% rise compared to the last year.Iran’s export to South Korea, going up by 95.4%, reached 283,000 barrels per day compared to the previous amount of 144,000 barrels. The only recorded decrease in Iran’s oil exports was for Japan going from 244,000 barrels to 240,000 barrels per day. Still, the total amount of crude oil bought by China, Japan, India, and South Korea together hit 1,280,000 barrels per day which is larger by 300,000 barrels per day.

The total amount of exports to Asian customers in February was 1,275,000 barrels per day showing a 24.6% increase.

Source: Irna