November 6, The Iran Project- Iran has currently reported a whopping jump in its oil exports to Asia, emphasizing that China and India are now comprising 52 percent of the country’s oil export destinations. 

Iranian Oil Ministry's OPEC affairs reported in an announcement that the Asian countries of China and India purchased more than half of Iran’s crude oil.

By the end of August this year, China imported 744.000 barrels per day (bpd) which was the largest volume of imports among the other Asian clients of Iran’s oil and India was the second biggest importer of Iranian oil in August, totaling 602,456 bpd, the report added.

According to the report, Iran exports of crude oil for August stood at 2.6 million barrels per day (mb/d) which is an unprecedented record the victory of the Islamic Revolution.

Iran’s Petroleum Minister Bijan Zanganeh announced earlier that exports of crude oil to Asian clients for August stood at around 1.7 million barrels per day (mb/d).  The figure showed an increase of 92 percent year-on-year, the Ministry said.

Iran’s oil production had already reached close to pre-sanctions levels, he said.

In mid-January, a series of economic sanctions that had been imposed on Iran for multiple years were removed after a deal between the country and the P5+1 – the five permanent members of the UN Security Council plus Germany – was implemented.

The sanctions barred foreign investments in the Iranian oil industry and also imposed a low ceiling of 1 million bpd on the country’s oil exports among a series of other economic restrictions