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Asia’s Imports Of Iranian Crude Fall Y-o-Y For First Time Since January 2016

Oil

Asia’s crude oil imports from Iran in May fell by 28K b/d y-o-y to a 13-month low of 1.60M b/d, Reuters reports, citing government and tanker arrivals data. This marks the first time imports have fallen y-o-y since January 2016. The fall was driven by lower imports by Japan (-147K b/d to 161K b/d) and South Korea (-51K b/d to 266K b/d). This offset higher y-o-y imports by India (+108K b/d to 488K b/d) and China (+60K b/d to 682K b/d).