• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 18 hours America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
Precious Metal Investors Face Continued Turbulence

Precious Metal Investors Face Continued Turbulence

Precious metal prices experienced downward…

Asian Imports Of Iranian Oil Soar 81 Percent Yearly In August

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.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News