Search ForexCrunch
  • Asia’s oil imports from Iran jumped 36 percent in March.
  • Washington to revoke sanction waivers from May 1.

Asia’s crude oil imports from Iran rose to the highest level in eight months in March as  buyers stepped up purchases  to take advantage of waivers to the sanctions imposed by the US on Iran last November.  

China, India, Japan and South Korea  imported a total 1.57 million barrels per day (bpd) of crudefrom Iran in March, up 36 percent from the previous month to the highest since July, the data showed, according to Reuters.  

The major buyers of Iranian crude were granted waivers  to the crude import sanctions that went into full effect  in November. However, last week Washington it would revoke the  waivers as of May 1. As a result, Iran’s oil exports to major Asian buyers is set to drop sharply in the coming months.