Complex Made Simple

Asia’s oil imports from Iran decline to 16.2 per cent in November

Exports to continent are expected to increase to more than a million barrels a day this month

The decline in Asia’s imports of Iranian oil in November reached its lowest level in nine months, as India and South Korea cut their imports after the historic agreement on Tehran’s nuclear programme in July.

The four largest buyers of Iranian oil – China, India, Japan and South Korea – accounted for 894,685 barrels per day last month, a decline of 16.2 per cent from the same month last year, reports Egypt-based Al-Wafd.

This is the largest decline since February, according to government’s data.

However, imports increased by 11.3 per cent from October.

Exports to Asia are expected to increase to more than a million barrels a day this month.

India and South Korea led the declining imports from Iran – India’s imports fell by 44.9 per cent to 138,100 barrels per day, compared with the same period last year, the lowest since March, while South Korea’s imports fell by 28.8 per cent to 97,200 barrels a day, the lowest since July.