Platts: Iran eyes new crude oil buyers, Asia remains linchpin

EghtesadOnline: Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year, Platts said.

News ID: ۷۷۰۸۸۴

01 November 2016

According to Platts website, Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers.

'Earlier this month, it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom,' said the website.

'Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market,' Platts said.

According to IRNA, Iran's oil exports to Asian countries had 73% growth in September 2016 compared to the same period last year.

Iran's four major customers, namely China, India, South Korea and Japan imported 1,800,000 barrels of Iranian oil per day during the previous year.

S&P Global Platts is a leading provider of information, benchmark, and price for the commodities and energy market.