Economics
Top Oil Market Embraces Iran Once Again as Asia Imports Jump
- Japan, South Korea, India boost purchases from Iran this year
- Easing of sanctions spurs Asian nations to lift crude imports
Edward Morse: Oil Price to Rebound, Question Is Timing
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At the biggest oil market in the world, crude from Iran is back in vogue.
The Persian Gulf state boosted exports to major oil consumers in Asia during the first half of this year, after international sanctions that restricted its supplies were eased in January. Japan’s purchases increased 28 percent, India bought 63 percent more, South Korea’s imports more than doubled while shipments into China gained 2.5 percent during the six months, government and shipping data compiled by Bloomberg show.