Japan’s crude oil imports from Iran have increased by 28% in October since the same period last year, according to new figures released by Japan’s Ministry of Economy, Trade and Industry.
The world’s third-biggest economy imported 163,288 barrels per day (bpd) of crude during the period, while India, Irans top oil buyer after China, imported about 309,900 bpd of crude last month.
India’s oil imports from Iran saw a 60% year-on-year increase.Â
Iran’s oil exports have increased this year partly due to the interim nuclear deal signed between Tehran and the six world powers P5+1 in November last year.
The interim accord has provided Iran with some sanctions relief. In return Iran agreed to limit certain aspects of its civilian nuclear work. The Islamic Republic’s oil and financial sector were hit hardest by the sanctions.Â
Iran’s total in-place oil reserves have been estimated at more than 560bn barrels, with about 140bn barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for between 70 and 100bn barrels of the total reserves.
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