The latest figures revealed that Iran’s exports of crude oil to four major buyers in Asia in June jumped 47.1 percent from a year ago to the highest level in more than four years, evidence Tehran's moves to recoup market share, lost under nuclear sanctions, is paying off.
Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, helped by securing more tankers through a temporary shipping insurance fix, Reuters reported on Friday.
Robust Iranian oil sales may continue as OPEC producers cut prices for August crude sales to Asia, the Mediterranean and from the port of Sidi Kerir in Egypt, in a continuing effort to regain market share in these regions post-sanctions.
Tehran's oil sales hit 4-1/2 year high in June, nearly doubling since December as sanctions were lifted on its oil exports in January. By discounting prices for its crude against Saudi Arabia and Iraq, Iran has attracted new customers in countries such as Poland and spurred higher demand from existing buyers in Asia.
The four countries, South Korea, Japan, China and India, imported 1.72 million barrels per day (mbd) in June, government and ship-tracking data showed.
Japan's Trade Ministry on Friday released official data showing its imports almost tripled from a year earlier to 275,000 bpd last month.
Iran has also gained new customers this year. Japanese oil refiner TonenGeneral Sekiyu has bought its first oil from Iran since becoming independent from US oil major Exxon Mobil Corp., three industry sources familiar with the matter said.
The following tables show Asia's Iran crude imports in bpd for last month and the year to date.
Europe Iran imports rise
Other reports showed that Iran’s oil exports to Europe have also increased. Figures provided by ClipperData consulting company indicate a strong rise in Iran’s oil exports to European destination over the past few months. The figures indicated that Iran’s exports to the Netherlands, France, Turkey, Spain and Greece had increased by about 450,000 bpd in June.
Reuters in a report in early June said recent port loading data showed that at least 26 foreign tankers have either loaded or are about to load Iran’s oil at the country’s southern terminals. The tankers, it added, have the capacity to carry more than 25 million barrels of light and heavy crude oil, as well as fuel oil.
The report further quoted traders as saying that Iran’s oil exports are now close to pre-sanction levels of around 2.5 million barrels per day (mbd).
Iran's oil exports were between 2.1 and 2.3 million bpd in April and May, up from 1.3 mbd a year ago, when Iran was shut out of the European market and dependent on limited shipments to Asian buyers, it added.
Asia is the main destination for crude shipped by foreign vessels, with India, China and Japan the biggest takers, but at least four international tankers are also heading for Europe, said Reuters.