Iran Economy NewsAsian imports of Iran crude fall below 1 million...

Asian imports of Iran crude fall below 1 million bpd to one-year low

-

(Reuters) – Asian imports of Iranian crude fell below 1 million barrels per day (bpd) for a second time this year to a one-year low due to seasonal demand fluctuations, although the shipments were still up nearly a third from October last year.

(Reuters) – Asian imports of Iranian crude fell below 1 million barrels per day (bpd) for a second time this year to a one-year low due to seasonal demand fluctuations, although the shipments were still up nearly a third from October last year.

Iran and world powers failed to meet a Nov. 24 deadline for resolving a 12-year-old dispute over Iran’s nuclear program and gave themselves until the end of June for further negotiations.

Some analysts, though, said the nearly 40 percent fall in oil prices since June and difficulty in raising exports to make up lost revenue may soon force Iran to a final agreemen.

“Iran is likely to be the one to make concessions given finances are its top priority,” said an oil industry analyst who declined to be identified. “Falling crude prices are likely to influence its diplomacy.”

Last year’s interim agreement that eased some sanctions on Iran in exchange for stepped curtailment of nuclear work allowed it to keep exports at about 1 million bpd, down from 2.2 million bpd before toughened sanctions were put in place in 2012.

Imports by Iran’s four biggest buyers, China, India, Japan and South Korea, have averaged 1.11 million bpd over January-October this year, mainly due to soaring imports from the first two after the partial easing of sanctions.

The four buyers together took in 877,888 bpd of the Islamic republic’s crude last month, down 19.1 percent from the month before, government and tanker-tracking data shows.

This week’s extension of the interim deal pushed any recovery of Iran’s exports to higher levels to sometime next year at the earliest. Iran expects to double its oil exports within two months if sanctions are fully lifted.

But there’s still a wide gap to close before a deal is clinched, noted other analysts and some Western diplomats.

“I think it goes nowhere,” said Nobuo Tanaka, former executive director of the International Energy Agency, when asked about the progress of talks.

Industry sources said Iran has been frequently asking buyers to take more crude, a possible sign of desperation over its oil-dependent economy.
The following tables describe Asia’s Iran crude imports in bpd for last month and the year to date.

The following tables describe Asia’s Iran crude imports in bpd for last month and the year to date.

Nation Oct-14 Oct-13 yr/yr pct

China 338,635 249,872 35.5

India 309,900 194,300 59.5

Korea 66,065 98,097 -32.7

Japan 163,288 127,279 28.3

Total 877,888 669,548 31.1

Nation Jan-Oct 2014 Jan-Oct 2013 yr/yr pct

China 546,708 409,976 33.4

India 272,100 193,900 40.3

Korea 121,197 132,648 -8.6

Japan 173,262 188,036 -7.9

Total 1,113,267 924,560 20.4

Latest news

The Untold Story of Iran Regime’s Assassinated Qods Force Commander

On the evening of May 22, IRGC Colonel Hassan Sayad Khodai, one of the senior commanders of the Iranian...

Not Even India Invests in Iran’s Ports

Over the past few years, India has been expanding Iran’s port of Chabahar, seeking to send goods through this...

Khamenei’s Wrong Decisions and Its Poisoning Result

In recent days, many demonstrations have taken place across Iran, protesting the Iranian regime’s decisions to increase the price...

Iran: Officials Promote Starving Citizens Under a ‘Great Economic Plan’

Over the past four decades, the Iranian regime has been infamous for making false statements. As a result, citizens...

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...

Must read

Iran airs propaganda video to recruit Afghans for Syria war

London 9 Jun - Iran's government has released a...

Appeasing Iran, North Korea?

Washington Times - Editorial: As President Bush enters his...

You might also likeRELATED
Recommended to you