Asia's imports of Iranian crude hit year-to-date high

Oil

Imports of Iranian crude by China, India, Japan and South Korea in May averaged 1.21M b/d, the highest since December 2014, Reuters reports, citing government and tanker tracking data. However, this is down from imports of 1.23M b/d in May 2014. The y-o-y fall in overall purchases was the result of lower Chinese imports, which dropped by almost a third to 518K b/d.