Asia's Oil Imports from Iran Double

Oil imports from four main Asian countries purchasing Iranian oil have more than doubled in December compared to the same month last year for the third consecutive month. In this regard, South Korea and India's oil imports have increased sevenfold and threefold, respectively. According to Reuters, citing government and shipping statistics, the four main Asian countries buying Iranian oil—China, India, South Korea, and Japan—imported an average of 1.89 million barrels of oil per day from Iran last month. Asian imports from Iran in October were about 2 million barrels per day, the highest figure since 2010. Reuters noted that Iran has been exempted from the OPEC plan to cut daily production by 1.2 million barrels, which came into effect in January. This is seen as an advantage for Tehran, which does not need to reclaim its lost market share due to Western sanctions imposed over its nuclear program. According to the report, during the past year when sanctions against Iran were lifted, the country increased its daily oil exports to major buyers in Asia by about 60%, reaching 1.63 million barrels. Industrial sources indicate that Iran offers discounts to its customers in exchange for increased purchases. Japanese Ministry of Finance statistics released on Monday, February 11, show that Japan imported Iranian oil at an average of $43.87 per barrel in December, making it the third cheapest oil after Ecuador and Colombia. The Japanese Ministry of Trade published data on Tuesday, February 12, indicating that the country's oil imports increased by over 40% compared to last year, reaching 246,243 barrels per day. China's daily oil imports also rose by 30% to 689,530 barrels, indicating that China has regained its position as the top buyer of Iranian oil from India after three months. Additionally, India's oil imports increased to 546,600 barrels, while South Korea's imports saw a significant rise to 410,387 barrels. Reuters, citing a source familiar with tanker shipping plans, reported that since Indonesia imported its first oil shipment from Iran after the lifting of sanctions, Iranian oil exports in February are expected to increase compared to January. It is estimated that Iran's total oil exports in January will reach 2.16 million barrels per day, the lowest since July. According to this report, Iran's exports in February are likely to exceed 2.2 million barrels per day.