The lifting of sanctions brought about an increase in South Korean and Indian crude oil imports from Iran leading to a 50 per cent rise in the Asian countries’ oil imports from the Islamic Republic of Iran in March, 2016.
The surge in oil imports reveals that Iran has been prosperous in the approach to regain its share of world oil market in the post-sanction era.
Customs and shipping data indicate that the four major Asian customers (China, India, Japan, South Korea) bought a total of 1.560 million barrels per day from Iran in March, up by 49.9 percent compared to the value for the year earlier.
India imported 506,100 barrels a day from Iran during the same period, the highest in the past five years, while South Korean imports from Iran was 264,452 barrels per day.
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