• South Korea imported 243,000 b/d from Iran in March. Though this was down a touch on February’s 267,000 b/d it marked the third straight month over 200,000 b/d with first quarter imports from Iran at the highest quarterly level since Q3 2011, just before sanctions were tightened (MEES, 22 April for full data).
• Meanwhile, Indian volumes more than doubled from February levels to around 500,000 b/d for March, the highest since 2012. Indian companies such as Essar Oil are in talks with Iran to pay off debts for pre-sanctions oil purchases, with exchange rate fluctuations a sticking point. Chinese imports also rose, with the 591,000 b/d recorded the highest since June 2015. (CONTINUED - 269 WORDS)
