Iran's Reshadat oil field - Oil Prices

Iran 4-month oil exports rise Y/Y

SHANA – Iran’s crude oil exports rose year-on-year from 2.115 mbd to 2.3 mbd in the first 4 months of the current Iranian calendar year (began on March 21).

The country exported an average of 2.3 million barrels per day of crude oil to Asian and European countries during the four months. This is while exports for last calendar year’s corresponding period stood at 2.115 mbd.

As usual, China and India were the largest buyers of Iranian oil. Unaffected by US pullout of the Joint Comprehensive Plan of Action (JCPOA), Iran nuclear deal, the two countries seem to be determined to continue oil purchases from OPEC-member Iran.

India’s Ministry of Petroleum has claimed that crude imports from sanctions-hit Iran witnessed a massive jump this June in comparison to last year, disproving reports published by global research agencies that India had heavily cut down crude purchases from Iran due to American sanctions, Sputniknews reported on Tuesday.

Following US pullout of the JCPOA and threats to impose tougher-than-ever sanctions on Tehran, South Korea and Japan have been seeking sanctions waivers from Washington to continue dealing with Iran.