Iran Economy NewsIran oil exports show steady increase as Asia buys...

Iran oil exports show steady increase as Asia buys more


Reuters: Iran exported more crude than allowed under Western sanctions for at least a fourth straight month in February, as ship loading data obtained by Reuters showed top clients again bought more than 1 million barrels per day (bpd) of Tehran’s oil.


By Osamu Tsukimori

TOKYO (Reuters) – Iran exported more crude than allowed under Western sanctions for at least a fourth straight month in February, as ship loading data obtained by Reuters showed top clients again bought more than 1 million barrels per day (bpd) of Tehran’s oil.

The rise in sales to Iran’s main clients, mostly in Asia and including Turkey, comes after an agreement that eased some of the sanctions aimed at the OPEC member’s nuclear programme. The November deal also freed up $4.2 billion in oil payments to Tehran, but it does not allow for shipments to increase.

To ensure sanctions are not breached, Washington could put more pressure on Iranian crude buyers to slash purchases in coming months to keep the average volume capped at the 1-million-bpd mark, less than half pre-2012 levels.

In total, February crude loadings by Iran’s top four buyers – China, India, Japan and South Korea – rose to 1.16 million bpd versus 994,669 bpd lifted in January, according to a loading plan seen by Reuters.

Adding in oil lifted by Turkey – which came in at 105,824 bpd in January and 117,857 bpd in February – Tehran’s exports have busted the sanctions limits at least since November.

The loading volumes exclude condensate, a light oil, that Iran exports to China and other consumers.

Ever since the 2012 sanctions were imposed, five buyers – China, India, South Korea, Japan and Turkey – have bought nearly all of Iranian crude exports.


The intake of Iranian oil by Asian buyers alone has topped 960,000 bpd since November, government and industry data has shown, and adding in an average 100,000 bpd of crude for Turkey, the exports have breached 1 million bpd at least since then.

With January and February loadings – for February and March arrivals – also holding above 1 million bpd, according to the document seen by Reuters this week, exports look set to breach the cap for the first quarter of the year, allowing up to three weeks for shipments to China, Japan and South Korea.

China lifted 502,500 bpd in February, again taking its purchases back to pre-sanctions levels, and rivalling the 564,536 bpd that the nation’s refiners received in January.

In comparison, China imported 428,840 bpd of Iranian oil for all of 2013, according to customs data. China’s February import numbers are not due out until later this week.

China’s total oil imports from Iran may rise in 2014 as state-run trader Zhuhai Zhenrong Corp is negotiating a new condensate contract, Reuters has reported.

India lifted 304,286 bpd of crude in February, according to the loading data. Iran’s second-biggest client imported 412,000 bpd in January and averaged 195,600 bpd in arrivals in 2013.

Government sources in India have said refiners must cut their Iranian oil imports by nearly two-thirds from the first quarter after the United States asked it to hold the shipments at end-2013 levels.

South Korea loaded 214,286 bpd in February, mostly for March arrival dates. February arrivals from Iran, meanwhile, doubled from a year earlier as refiners hiked purchases ahead of maintenance shutdowns starting from March.

Japan loaded 140,000 bpd in February, according to the programme seen by Reuters. It purchased 210,517 bpd from Iran in January and reduced imports by 6.4 percent to 177,414 bpd in 2013, marking its lowest daily crude imports from Iran in more than 30 years.

Japan’s February import numbers are due later this month. (Additional reporting by Aizhu Chen in BEIJING and Meeyoung Cho in SEOUL; Writing by Manash Goswami; Editing by Tom Hogue)

Latest news

After Coronavirus, Iran’s Regime Kills People Through Starvation

Multiple protests have recently erupted in various cities across Iran, following the 100 to 400 percent increase in the...

Requirements for a Simple Life in Iran; the Unattainable Dream

It is no exaggeration to say that Iran's economy is in a major freefall. All economic indicators are suggesting...

Sale of Iran’s Historical Items; Is There Anything Left To Sell?

Some of the members of the Iranian regime’s parliament have submitted a plan on the 'optimal use of antiquities...

Iran: Bread Protests Are on Way, Stronger Than Gas Protests

Observers in Iran believe that nationwide protests and uprisings are underway following the Iranian regime’s decision to increase the...

Iran: Tax Pressure on the People and Exemption for the ‘Super Rich’

In a critical situation where most of the Iranian regime’s officials and media outlets are warning its leaders to...

Iran’s Regime and Its Expertise in Reversing the Truth

In order to get an insight into the Iranian regime’s real behavior and culture, you first need to analyze...

Must read

Analysts warn of cost of Iranian sanctions

UPI: Sanctions on the Iranian energy sector are affecting...

‘This is Not a Film’ really a sly commentary on Iran

Boston Globe: The title of “This Is Not a...

You might also likeRELATED
Recommended to you