Back in the game? Main importers purchase over 1mln bpd of crude from Iran in 4 Months

Back in the game? Main importers purchase over 1mln bpd of crude from Iran in 4 Months
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Published March 23rd, 2014 - 08:55 GMT via SyndiGate.info

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Iran’s top oil importers have bought more than 1 million bpd since November
Iran’s top oil importers have bought more than 1 million bpd since November

Latest data showed that the four top importers of Iran's crude have bought over 1mln bpd of oil from the Middle-Eastern country since November, when Tehran and the world powers struck a deal.

A Reuters report showed that Iran’s top oil importers have bought more than 1 million bpd since November, making February the fourth straight month in which Tehran’s oil exports increased.

February crude loadings by Iran's top four buyers - China, India, Japan and South Korea - rose to 1.16 million bpd. Also, customs data released on Friday showed China lifted 558,877 barrels per day (bpd) of oil from Iran in January and February.

China’s February oil shipments from Iran were also up 6 percent year-on-year, according to the same data. Iran's crude oil exports have been rising over the past four months, ever since Tehran reached a breakthrough deal with six world powers over it nuclear energy program last November.

Earlier this month, the International Energy Agency announced that Iran has steadily increased its export of crude oil since November 2013 as global demand for its energy supplies rose, adding that China's purchase of Iranian crude has now returned to pre-sanctions level. "Iran’s top oil importers have bought more than 1 million bpd since November, making February the fourth straight month in which Tehran’s oil exports increased despite Western sanctions," the IEA said in a report. February crude loadings by Iran's top four buyers - China, India, Japan and South Korea - rose to 1.16 million bpd. China imported 502,500 bpd of Iranian crude oil last month, taking its purchases back to pre-sanctions levels. The Asian country received 564,536 bpd in January.

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