Iran's major Asian clients reduce crude imports in Jan-Oct 2013

Iran Materials 28 November 2013 11:51 (UTC +04:00)

Baku, Azerbaijan, Nov. 28

By Dalga Khatinoglu, Saeed Isayev - Trend:

Iran and the six world powers clinched a deal to curb the Iranian nuclear programme in exchange for initial sanction relief signalling the start of a game-changing rapprochement.

The deal halts Iran's most sensitive nuclear activity and suspends some sanctions by the West, but caps exports from the country at the current level of one million barrels per day (bpd) for the next six months.

The following are imports as reported by China, South Korea and Japan. India's figures are calculated by Reuters based on data from trade sources.

According to statistics published by Reuters on November 28, China is leading the importers with 410,000 bpd imported from Iran (Jan-Oct) in 2013, which is 3.3 per cent less than the same period in the previous year.

Japan's numbers have increased by two per cent in Jan-Sept. 2013, with 194.9 tbpd, compared to Jan-Sept. of 2012.

India's imports have dropped significantly as the country was importing 328.4 tbpd of Iran's oil in Jan-Oct 2012, while in Jan-Oct of 2013, the figure dropped by 41 per cent to 193.9 tbpd.

South Korea's imports have also dropped by 9.2 per cent compared to last year, as in 2013 the country imported 132.6 tbpd, compared to 146 tbpd last year (Jan-Oct period).

According to Reuters' statistics, Asia's buying of Iranian crude has dropped in 2012, compared to 2011, regarding all of its major Asian buyers.

China imported 438 tbpd of Iran's crude in 2012 (21 per cent less than in 2011), Japan dropped to 189 tbpd in 2012 (40 per cent drop since 2011), India dropped by 1.7 per cent, importing 315 tbpd compared to 321 tbpd in 2011, while South Korea imported 153 tbpd compared to 239 tbpd in 2011 (23 per cent drop).

Overall, Iran's top four leading oil buyers decreased their imports from Iran by 23 per cent (1,096 mbpd in 2012, compared to 1,428 mpbd in 2011).

Sanctions imposed on Iran forced China, India, and Japan to reduce their oil imports from that country.