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Asia's imports of Iranian crude decline y-o-y in March

Oil

Imports of Iranian crude oil by China, India, Japan and South Korea in March fell 9.2% y-o-y to average 1.04M b/d, Reuters reports, citing government and tanker tracking data. However, on a monthly basis this still represented the highest volume since December 2014. The y-o-y fall was driven by a decline in Indian purchases, which fell to zero in March, down from 387K b/d during the same period last year. This offset an almost 100% increase in imports by Japan and South Korea, which averaged a combined 402K b/d and a 15% jump in Chinese purchases to 639K b/d. Across 1Q15, Asian imports of Iranian crude averaged 1.02M b/d, down 19% y-o-y as demand from China, India and South Korea fell.