• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 9 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 2 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 8 hours US Shale Drilling lacks regulatory body.
  • 3 hours Solar Panels at 26 cents per watt
  • 3 hours Trudeau approves Trans Mountain Pipeline
  • 37 mins Venezuela's Maduro sneaks $300 million of gold out of country to Africa.
  • 6 hours Huge UK Gas Discovery
  • 1 hour The Plastics Problem
  • 8 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 14 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 14 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 7 hours Malaysia Oil & Gas Updates
  • 35 mins Coal Boom in Asia is Real and a Long Trend
  • 19 mins Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)

Breaking News:

Oil Stabilizes On Small Crude Draw

Canada’s Oil Patch Faces Investor Exodus

Canada’s Oil Patch Faces Investor Exodus

Capital investment across Canada’s oil…

Small Crude Build Sends Oil Lower

Small Crude Build Sends Oil Lower

Oil prices continued to fall…

Asian Imports Of Iranian Oil Soar 81 Percent Yearly In August

Iran oil tanker

Four major Asian importers of oil - China, India, South Korea, and Japan – saw their imports of Iranian crude surge 81.4 percent on the year in August, the highest level in at least five and a half years, Reuters reported on Friday, citing government and ship-tracking data.

The four Asian buyers imported 1.835 million barrels per day (bpd) last month, with China’s imports jumping 48.4 percent to 746,029 bpd, India’s buys soaring 189.6 percent at 575,900 bpd, the highest in at least 15 years, South Korea’s imports more than doubling, up 112.3 percent to 277,613 bpd, and Japan’s imports rising 31.4 percent to 235,612 bpd.

Year to date, the total Iranian oil imports of the four countries jumped 38.9 percent, with rises across the board, and Korea more than doubling imports between January and August.

Since western sanctions against Iran were lifted in January of this year, it has been trying to regain market shares and snatch some shares from Saudi Arabia and Iraq.

According to a Reuters source familiar with Iran’s tanker loading schedule, Iran increased its oil exports to more than 2 million bpd last month, close to pre-sanction levels.

Iran has been steadily increasing exports to Asia, and in April its shipments stood at 1.7 million bpd.

In the battle for market shares, Iran introduced in May a discount on the June contract for its heavy crude going to Asia, just a few days after Saudi Arabia had announced a price increase for its own June contract for the continent. With the discount, Iranian oil was noticeably cheaper for Asian clients than both Saudi and Iraqi crude.

A couple of months later, Saudi Arabia decided to offer Asian customers the biggest discount in 10 months for its crude, as the kingdom’s refineries struggled with an oversupply thanks to record-high output.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News