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Asian imports of Iran oil rise 10 percent in August

30 September 2015 [11:46] - TODAY.AZ

Asian imports of Iranian oil rose almost 10 percent from a year ago in August following a landmark agreement on Tehran's disputed nuclear programme that sets the stage for a significant increase in the OPEC member's crude shipments next year, Reuters reported.

Imports by Iran's four biggest buyers - China, India, Japan and South Korea - totalled just over 1 million barrels per day(bpd) last month, 9.9 percent higher than a year earlier, government and tanker-tracking data showed.

Tehran is desperate to recover market share lost under U.S. and European Union sanctions and boost growth after decades of diplomatic and economic isolation.

But Iran's oil sales look to be headed towards a six-month low in September, down 16 percent from August, with tanker loading data showing Tehran has struggled to raise exports despite the optimism over the landmark deal.

To entice buyers, Iran has dropped its quarterly price for term oil supplies to the lowest in three years. It is also offering crude buyers the chance to join joint ventures to produce oil and gas from its massive reserves, some of the biggest in the world.

The sanctions were designed to keep Iran's exports at around 1 million bpd, down from 2.5 million bpd in 2011, and get Tehran to negotiate on its disputed nuclear activities, which Western powers say was a cover for building an atomic bomb. Iran has consistently denied it aims to make a weapon.

Under the accord reached in Vienna on July 14, Iran will be subject to longer-term restrictions on its nuclear programme in return for the removal of U.S., U.N. and European sanctions. A major hurdle for the agreement was overcome earlier this month when the Republican-dominated U.S. Senate failed to enact a resolution of disapproval for the deal.

Iran's Supreme Leader Ayatollah Ali Khamenei said earlier this month he backed a parliamentary vote on the agreement but it is not clear when it will be put before the chamber.

For the first eight months of 2015, Asian buyers took in almost 1.1 million bpd, down 6.1 percent from a year earlier. Japan's purchases fell 11 percent from a year earlier to 179,243 bpd, trade ministry data showed on Wednesday.


/By Trend/

URL: http://www.today.az/news/regions/144044.html

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