News / Energy

Asian oil imports from Iran hit 3-year high: Data

Friday, 30 January 2015 9:42 AM [ Last Update: Friday, 30 January 2015 10:57 AM ]

File photo shows Iran's oil installations at the southern island of Kharg.

Fresh figures show Asian purchase of Iran’s oil hit a three-year high in 2014, with the major buyers increasing their crude imports from the Islamic Republic by almost 20 percent.

According to new data cited by Reuters on Friday, four major buyers of Iranian oil in Asia, namely China, India, Japan and South Korea, bought an average of 1.12 million barrels per day (bpd) of Iranian crude in 2014, up 19.8 percent from the previous year.

The 2014 rise in Asian oil imports from Iran came apparently in tandem with the easing of US-led sanctions on Iran under its interim nuclear deal with the P5+1 group of world powers in November 2013.

China and India have seen the highest increase in the amount of oil imported from Iran.

Reuters, however, quoted anonymous sources in India as saying that New Delhi has ordered its refineries to keep the level of their oil import from Iran consistent with that of the previous fiscal year.

Iran eyes more drastic changes in the US-led embargoes against Tehran as it continues to hold successive rounds of nuclear talks with the six world powers – Russia, China, France, Britain, the US and Germany.

Tehran and its negotiating sides seek to reach a high-level political agreement by March 1 and to confirm the full technical details of the accord by July 1.

MS/MKA

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