|The crude oil export market has flipped in 2016, the US is hitting all time highs with its oil exports. At the same time Iran exports have soared since the lifting of sanctions. Iran crude has found a home in Asia with Iranís four major Asian more than doubling imports for a second straight month from a year ago.|
- China & Japan Iran imports double from a year ago
- India & South Korea Iran imports four times higher from a year ago.
- The four counties imported 1.94 million barrels per day (bpd) last month, up 117% on a year earlier
This is slightly down from October's 1.99 million bpd, which was the highest since at least 2010 data from the International Energy Agency shows.
The deal where Non-OPEC Countries Join OPEC in Global Oil Production Cut
is to reduce output by nearly 1.8 million bpd starting Jan 1, however Iran is exempted from the cuts.
Industry chatter has been that Iran has been offering volume discounts to buyers. Japanís Ministry of Finance shows Iranís crude oil imports cost Japan an average $45.46 a barrel for November. This made Iran crude the third cheapest after Mexico and Oman. Asian Crude Oil Imports soar
India imports up four times from a year earlier to 620,000 bpd,
China imports up 18.3 percent on the year at 7.87 million bpd.
South Korean imports up five times at 472,067 bpd.
Japan up 41.2% from a year earlier to 237,653 bpd last month.
Saudi Arabia is still the largest exporter of crude to China, overtaking Russia to become the largest crude supplier. Imports from Saudi Arabia rose 29.19 percent on a year earlier to 1.15 million barrels per day (bpd), Russia rose to 17.92 percent to 1.12 million bpd. Crude oil imports from Iran in November grew 24.48 percent year-on-year to 611,338 bpd.
For December Reuters reports Iranís crude oil exports 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: Reuters, TC
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