Iranian Oil Exports to Asia Hit Six-Month High, But Still Below Pre-Sanctions Levels

Iran's oil sales to Asia have reached their highest level in six months. According to Reuters, imports from China, India, South Korea, and Japan stood at above 1.9 million barrels per day (mb/d) over this period, a 20 percent increase from August.

However, these figures are lower than the highs seen earlier this year and last year when Iran's oil exports surged after sanctions were lifted. Asian imports of Iranian oil could drop in coming weeks as shipments bound for the region have fallen below 1.5 million bpd for October, Reuters added.

Chinese imports from Iran rose by nearly 60 percent to about 784,000 bpd in September, down from August's record high since 2006. South Korea's imports increased by a quarter to just over 504,000 bpd, a five-month high. In contrast, India's imports fell by a third to 415,400 bpd.

Japan's imports were down by more than 30 percent at about 216,000 bpd. For several years before 2012, Iran exported around 2.5 mb/d, with over half going to Asia, mainly China, South Korea, India, and Japan. The sanctions decreased exports to below 1 mb/d until they were lifted in early 2016.