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Iran’s Aug. oil sales to Asia rise

The latest market figures show Asian imports of Iranian oil rose almost 10 percent from a year ago in August.

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The latest market figures show Asian imports of Iranian oil rose almost 10 percent from a year ago in August.

The latest market figures show Asian imports of Iranian oil rose almost 10 percent from a year ago in August.

The surge has already been attributed to a landmark breakthrough in July between Iran and the P5+1 group of countries – the five members of the Security Council plus Germany – which is expected to set the stage for a significant increase in Iran’s oil production.

Reuters in a report has emphasized that imports by Iran’s four biggest buyers – China, India, Japan and South Korea – totaled just over 1 million barrels per day (bpd) last month, 9.9 percent higher than a year earlier.

Nevertheless, other figures show Iran’s oil sales are headed towards a six-month low in September, down 16 percent from August, Reuters added.

Tanker loading data show that Tehran has struggled to raise exports despite the optimism over the landmark deal.

Iran has already announced serious plans to increase its oil production as soon as the economic sanctions are lifted as envisaged by the July nuclear breakthrough.

Oil Minister Bijan Zangeneh has already announced that Iran has serious plans to increase its oil production by 500,000 barrels per day within two months and 1 million barrels per day within six to seven months from the removal of the sanctions.

Report earlier said Iran is already in contact with former oil buyers in the European Union—traders such as Vitol Group and big oil producers such as Royal Dutch Shell PLC, Total SA and Eni SpA—and existing importers in Asia to help absorb the potential new shipments

Iran produced above 4 million barrels per day but the sanctions that intensified over the past few years are believed to have brought this down to well below 3 million barrels per day.