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Asia's imports of Iranian crude oil in June rise y-o-y

Oil

Asia's imports of Iranian crude oil in June increased by 13% y-o-y to average 1.17M b/d, Reuters reports citing government and tanker tracking data. China and India drove the increase, with the two largest markets for Iranian crude raising their purchases significantly (27% and 70%) to 672K b/d and 284K b/d respectively. In contrast, Japan and South Korea reduced their imports, with volumes falling (by 51% and 18%) to 93K b/d and 119K b/d respectively. June's rise in overall Asian imports of Iranian crude contrasted with the 1H15. This slipped by 9% to 1.1M b/d, as all buyers except for Japan (which only experienced minimal growth of 0.4%) lowered their purchases, with India seeing the largest decline as imports fell by 23% to 217K b/d.