Iranian crude imports to Asia hit a 32-month low in September

Iran's crude oil imports to Asia's top buyers hit a 32-month low in September as China, South Korea and Japan cut their purchases sharply ahead of expected US sanctions on Tehran, government and tanker data showed.

China, India, Japan and South Korea imported 1.13 million barrels per day (bpd) from Iran last month, down 40.9 percent year on year, the data showed. That was the lowest level since January 2016 when the previous sanctions imposed on Tehran over its nuclear program were lifted.

The United States is imposing sanctions on Iran's oil exports from November 4 as US President Donald Trump seeks to force Tehran to accept a more restrictive agreement on its nuclear and missile programs.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in June to increase supplies to offset the expected turbulence in Iranian exports.

Washington is pressing its allies to cut Iranian oil imports to zero. US Treasury Secretary Stephen Menuchin said last week that it would be harder for countries to get exceptions to sanctions than they did during former President Barack Obama.

Japan joined South Korea in a temporary suspension of loading Iranian oil. But three of the top five oil buyers - India, China and Turkey - are resisting a call to end purchases immediately, according to informed sources.

Iran's oil minister said last week the United States could not stop Iranian oil exports and warned that such restrictions could only lead to continued oil price volatility.

India's imports of Iranian oil in September rose 27 percent year-on-year to 527,600 barrels per day, while buyers there are planning to receive nine million barrels of Iranian oil in November, a source in the oil sector said, confirming a commitment to continue purchases.

Iranian oil imports to South Korea fell to zero in September for the first time since September 2012.

Iranian oil imports to China fell 41.6 percent year-on-year to 458,000 barrels per day (bpd), according to the Rafinitacon oil flow data. This year, China halted its data on crude imports.

This is the lowest level of Iranian oil imports to China since January 2017. The two largest oil refineries did not submit any orders for Iranian oil for November due to concerns about sanctions.

Japan's oil imports were down 31 percent last month, trade ministry data showed on Wednesday.

The data showed that the last loading of crude oil from Iran to Japan was in mid-September.

Article Credit: https://economy-news.net/
Special Thanks to Charles Bright!!