Traditional Asian customers of Iran’s oil, who purchased the product even during sanction years, increased their imports following the JCPOA implementation and reports indicate a 74 percent uplift in Iran’s exports to these countries in June.
Implementation of the Joint Comprehensive Plan of Action (JCPOA) almost a year ago, removed barriers on exports of Iranian oil with the sales figure climbing from one to 2.1 million barrels per day.
During sanction years, Asian states including China, India, South Korea and Japan remained as major buyers of Iranian oil who are all still known as Iran’s notable customers.
The latest reports on tankers’ commutes reveal that imports of the four Asian countries in June were 74 percent more than the same timespan a year earlier.
The rise in the number of Iran’s oil cargos shipped to various destinations in Asia indicates that the country has been successful in regaining a portion of its lost share during sanction years.
Exports of Iran’s crude in June reached its highest level over the past 4.5 years in addition to showing a twofold upsurge since September, 2015.
China, India, Japan and South Korea purchased about 1.72 million barrels of Iranian crude oil in June while the figure is estimated to follow an upward trend in the months to come.
Market analysis believe that Iran, in addition to expansion of ties with traditional customers in the Asian market, needs to establish relations with other oil importers of Earth's largest and most populous continent.