Iran's oil imports into Asia hit their lowest level in 32 months in September

Imports of Iranian crude oil by major buyers in Asia hit their lowest level in 32 months in September. China, South Korea and Japan have sharply reduced their purchases before the upcoming US sanctions on Tehran, as well as government and vessel tracking data.

China, India, Japan and South Korea imported 1.13 million barrels a day from Iran, according to the data, down 40.9% from the previous year. last year. This represents the weakest imports since January 2016, just before the lifting of previous sanctions against Tehran's nuclear program.

The United States is re-imposing these sanctions against Iran's crude oil exports on Nov. 5 as part of President Donald Trump's efforts to force Tehran to join a more restrictive deal aimed at curbing its nuclear and nuclear programs. missiles.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in June to strengthen supply to offset the expected disruption of Iranian exports.

Washington is pushing the allies to zero Iranian oil imports, and US Treasury Secretary Steven Mnuchin said last week that it would be harder for countries to obtain waivers of sanctions than under the Obama administration.

Japan has joined South Korea to temporarily stop Iranian oil shipments, but three of Iran's five largest customers – India, China and Turkey – are resisting the call at the end of the purchases according to sources close to the file.

The United States can not stop Iranian oil exports, the Iranian Oil Minister said last week, warning that such restrictions would only allow the volatility of oil prices to be maintained.

India's imports from Iran in September increased 27 percent from the same month last year to 527,600 b / d. Buyers plan to take 9 million barrels of Iranian oil in November, said an industry source, indicating a commitment to continue purchases.

South Korean oil imports from Iran fell to zero in September for the first time since September 2012.

Chinese imports of Iranian crude dropped 41.6% in September from the previous year, to stand at 458,000 b / d, according to Refinitiv Eikon's oil flow data. . China ended this year the release of country-disaggregated data on its crude imports.

This would constitute the lowest volume of Iranian imports by China since January 2017. The two major Chinese refiners have not placed an Iranian oil order for the month of November due to concerns over sanctions.

Japan cut its imports from Iran by 31% last month, according to data from the Ministry of Commerce released on Wednesday.

Japan loaded Iran's crude oil for the last time in mid-September, according to Refinitiv data.