Asia's November Imports of Iran Oil Increase 117%
Imports of crude oil by Iran's four major buyers in Asia in November more than doubled for a second straight month from a year ago, with purchases by India and South Korea more than four times higher.
Iran's top four Asian buyers - China, India, South Korea and Japan - imported 1.94 million barrels per day last month, up 117% on a year earlier, government and ship-tracking data showed, Reuters reported.
That was just short of the 2016 peak of 1.99 million bpd hit in the previous month, which was the highest since at least 2010, according to data by International Energy Agency. The volumes were in line with the OPEC member's crude oil and condensate export plans.
Iran was exempted from last month's OPEC deal to reduce output by 1.2 million bpd starting Jan. 1, a victory for Tehran which has argued it needs to regain the market share it lost under international sanctions targeting its nuclear program.
Industry sources have said Iran has been offering discounts to buyers in return for increasing their purchases.
Iran's crude oil imports cost Japan an average $45.46 a barrel for November, which was the third cheapest after Mexico and Oman, customs-cleared trade data by Japan's Ministry of Finance showed on Tuesday. Japan's Trade Ministry on Wednesday released official data showing its imports jumped 41.2% from a year earlier to 237,653 bpd last month.
India's imports grew more than four-fold from a year earlier to 620,000 bpd, topping China's imports for a third straight month. South Korean imports were nearly five times higher at 472,067 bpd.
Looking ahead, Iran's crude oil exports in December are set to fall 8% from November to a five-month low, a source with knowledge of its preliminary tanker schedule said in mid-December, as lower shipments to China and others in Asia offset bumper exports to Europe.
source: Financial Tribune
Top News
Six last month
Two last year
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Top gold ETF sees largest weekly outflow since 2022 on Trump win
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Japan, Peru to agree on cooperation in mineral mining technology
MinRes halts Bald Hill mine amid lithium price rout
Ahead of Rio Tinto buyout, Arcadium’s profit dips on sliding lithium prices
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus