Asian imports of Iranian oil rose almost 10 per cent from a year ago in August following a landmark agreement on Tehran’s disputed nuclear programme that sets the stage for a significant increase in the OPEC member’s crude shipments next year. <\/p>\n
Imports by Iran’s four biggest buyers – China, India, Japan and South Korea – totalled just over 1 million barrels per day (bpd) last month, 9.9 per cent higher than a year earlier, government and tanker-tracking data showed. <\/p>\n
Tehran is desperate to recover market share lost under US and European Union sanctions and boost growth after decades of diplomatic and economic isolation. <\/p>\n
But Iran’s oil sales look to be headed towards a six-month low in September, down 16 per cent from August, with tanker loading data showing Tehran has struggled to raise exports despite the optimism over the landmark deal. <\/p>\n
To entice buyers, Iran has dropped its quarterly price for term oil supplies to the lowest in three years. <\/p>\n
It is also offering crude buyers the chance to join joint ventures to produce oil and gas from its massive reserves, some of the biggest in the world. <\/p>\n
The sanctions were designed to keep Iran’s exports at around 1 million bpd, down from 2.5 million bpd in 2011, and get Tehran to negotiate on its disputed nuclear activities, which Western powers say was a cover for building an atomic bomb. Iran has consistently denied it aims to make a weapon. <\/p>\n
Under the accord reached in Vienna on July 14, Iran will be subject to longer-term restrictions on its nuclear programme in return for the removal of US, U.N. and European sanctions. <\/p>\n
A major hurdle for the agreement was overcome earlier this month when the Republican-dominated US Senate failed to enact a resolution of disapproval for the deal. <\/p>\n
Iran’s Supreme Leader Ayatollah Ali Khamenei said earlier this month he backed a parliamentary vote on the agreement but it is not clear when it will be put before the chamber. <\/p>\n
For the first eight months of 2015, Asian buyers took in almost 1.1 million bpd, down 6.1 per cent from a year earlier. <\/p>\n
Japan’s purchases fell 11 per cent from a year earlier to 179,243 bpd, trade ministry data showed on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Asian imports of Iranian oil rose almost 10 per cent from a year ago in August following a landmark agreement on Tehran’s disputed nuclear programme that sets the stage for a significant increase in the OPEC member’s crude shipments next year. Imports by Iran’s four biggest buyers – China, India, Japan and South Korea – totalled just over 1 million barrels per day (bpd) last month, 9.9 per cent higher than a year earlier, government and tanker-tracking data showed. Tehran is desperate to recover market share lost under US and European Union sanctions and boost growth after decades of diplomatic […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-35429","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/35429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=35429"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/35429\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=35429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=35429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=35429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}