Asia’s July Iran oil imports rise 61 pct from a year ago

An Iranian man works at an oil facility in the Khark Island, on the shore of the Gulf, on February 23, 2016. (AFP)

Imports of Iranian oil by four major buyers in Asia in July jumped 61.1 percent from a year earlier, marking the biggest percentage gain since April 2014, reflecting Tehran’s aggressive moves to recoup market share, lost under international sanctions.

Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, and Iran’s senior government official said it sees its oil production at 4 million barrels per day by year-end.

The four countries, South Korea, Japan, China and India, imported 1.64 million barrels per day (bpd) in July, government and ship-tracking data showed.

Japan’s trade ministry on Wednesday released official data showing its imports jumped 61.8 percent from a year earlier to 256,651 bpd last month.

Imports by South Korea jumped more than fourfold last month, while India’s imports more than doubled from a year ago.

Last Update: Wednesday, 20 May 2020 KSA 09:52 - GMT 06:52