Asia Imports of Iran Oil Hit Three-Year High
TOKYO (Dispatches) -- Asian imports of Iranian crude rose by 19.8% last year to hit a three-year high, although further increases by the OPEC nation's biggest buyers will depend on whether Tehran and world powers can settle the dispute over its nuclear energy program.
Imports by Iran's four biggest buyers - China, India, Japan and South Korea - averaged 1.12 million barrels per day (bpd) in 2014, government and tanker-tracking data showed, the highest since the region took more than 1.5 million bpd in 2011.
Soaring imports last year by China and India after the partial easing of economic sanctions at the end of 2013 more than offset declining shipments into Japan and South Korea.
December imports into Asia rose 22.1% from a year ago to 1.21 million bpd - the highest since May - due to a huge jump in India's imports for the month and higher seasonal winter demand.
Iran agreed with the United States and five other world powers in 2013 to work towards a permanent agreement on its nuclear program in exchange for an easing of some sanctions.
Two deadlines for a final deal have slipped since then, and now the goal is to reach a political understanding by the end of March, with a view to a lasting agreement by a self-imposed June 30 deadline.
The U.S. Senate Banking Committee on Thursday advanced a bill that would toughen sanctions on Iran, but a full vote on the bill is not expected until at least March 24 in the face of veto threats by President Barack Obama. "It looks as though the West's stance is inconsistent and the talks are unlikely to be finalized," Reuters quoted an unnamed oil industry analyst as saying.
The United States named nine new sanctions targets in Iran at the end of December, a move that Iran's foreign ministry said "raises doubts about America's intentions and violates the good will principles" of the nuclear negotiations.
Under the interim agreement of November 2013, Iran is allowed to keep exports at about 1 million bpd versus a total of 2.2 million bpd before toughened sanctions were put in place in early 2012.
Imports by Iran's four biggest buyers - China, India, Japan and South Korea - averaged 1.12 million barrels per day (bpd) in 2014, government and tanker-tracking data showed, the highest since the region took more than 1.5 million bpd in 2011.
Soaring imports last year by China and India after the partial easing of economic sanctions at the end of 2013 more than offset declining shipments into Japan and South Korea.
December imports into Asia rose 22.1% from a year ago to 1.21 million bpd - the highest since May - due to a huge jump in India's imports for the month and higher seasonal winter demand.
Iran agreed with the United States and five other world powers in 2013 to work towards a permanent agreement on its nuclear program in exchange for an easing of some sanctions.
Two deadlines for a final deal have slipped since then, and now the goal is to reach a political understanding by the end of March, with a view to a lasting agreement by a self-imposed June 30 deadline.
The U.S. Senate Banking Committee on Thursday advanced a bill that would toughen sanctions on Iran, but a full vote on the bill is not expected until at least March 24 in the face of veto threats by President Barack Obama. "It looks as though the West's stance is inconsistent and the talks are unlikely to be finalized," Reuters quoted an unnamed oil industry analyst as saying.
The United States named nine new sanctions targets in Iran at the end of December, a move that Iran's foreign ministry said "raises doubts about America's intentions and violates the good will principles" of the nuclear negotiations.
Under the interim agreement of November 2013, Iran is allowed to keep exports at about 1 million bpd versus a total of 2.2 million bpd before toughened sanctions were put in place in early 2012.