Iran’s oil exports to the Asian market have once again exceeded one million barrels a day, with China, India, Japan and South Korea as the top buyers. According to a report by Reuters on October 31, Iran has exported one million and 80 thousand barrels a day in the past month.
Iran’s crude exports had dropped below the one-million-barrels-a-day level in recent years due to international sanctions against the country. Following the interim agreement reached in November 2013 between Iran and the 5+1 over the nuclear disputes, some sanctions were suspended, opening the way for companies to deal with Iran without fear of financial reprisal from the U.S.
Talks to reach a final and comprehensive deal are ongoing and are scheduled to reach a resolution by the end of November.
Before the sanctions, Iran exported 2.5 billion barrels a day. China, India, Japan and South Korea together with Turkey buy the bulk of Iran’s oil exports.