Iran doubles crude exports to Japan

According to media reports, Iran’s crude exports to Japan increased significantly in October to reach 214,000 barrels/day.

The reports revealed that Iran wants to have a share of 10% in Japan’s three-million-barrel oil market by increasing its oil exports to the country and is in a competition with Qatar in the East Asia. However, the fact that Iran’s oil refining capacity has declined over the years due to the sanctions is thought to be a disadvantage for Iran in its efforts to become the third largest oil exporters to Japan.

The reports indicated that although the oil refining capacity of the country declined from 5.5 million barrels/day to 3.5 million barrels/day, its exports to Japan showed a twofold increase in 2016.