Iran eyes new crude oil buyers
Reports say Iran is looking at unusual places to diversify its oil exports but its loyal customer base will continue to hinge on countries like India and China.
Platts said in a report that Iran has already started export talks with minor European importers like Hungary as well as Bosnia and Herzegovina.
France, Turkey, Italy, Greece and Spain have been named as the major buyers of Iranian crude in September.
European refiners have rekindled their interest for Iranian crude in the past few months partly due to its competitive pricing compared to other medium-sour crudes from Russia and the Persian Gulf, the news service added.
Other indications had appeared earlier that the country was also already supplying oil to Poland and Romania through spot contracts. Limited exports had also been previously reported to Croatia, Serbia and Lithuania.
Further in its report, Platts said Asia still remains Iran’s premier market with China and India buying almost 50 percent of Iranian crude in September.
India was the largest buyer of Iranian crude last month, totaling 602,456 b/d, up from 458,880 b/d in August.
Figures also show that China's oil imports from Iran increased by 8 percent from January-September this year compared to the same period last year. Taiwanese purchases rebounded to 59,701 barrels per day (bpd) last month from zero in August, Platts added.
Japan and South Korea also remain two key Asian clients of Iranian oil. South Korea’s demand is expected to stay robust over the next few months. This is because the country’s oil refiner Hyundai Oilbank will start commercial operations at its 130,000 bpd condensate splitter which is projected to use the condensate from Iran’s South Pars gas hub as its feedstock.
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