Imports of Iranian crude by Asia's four main oil buyers increased by about two-thirds in January from a year ago when levels were lower as Western sanctions on Tehran had only just been lifted.
Iran's top four Asian buyers — China, India, South Korea and Japan — imported 1.64 million barrels per day (mbd) in January showing a rise of 67.6 percent from a year earlier, government and ship-tracking data showed, reported Reuters.
However that volume was the lowest in six months and marked a third straight month of decline from last year's peak of 1.99 mbd hit in October, according to data from the International Energy Agency.
Iran was exempted from an OPEC deal to reduce output by 1.2 mbd starting January 1, a victory for Tehran which has argued it needs to regain the market share it lost under Western sanctions over its nuclear program.
Japan's Trade Ministry on Tuesday released official data showing its imports rose 7.9 percent from a year earlier to 209,319 bpd in January.
India's imports more than tripled to 554,600 bpd, topping China's for the first time since November. South Korean imports more than doubled to 478,032 bpd, also beating China, to become the second-biggest buyer in Asia.
Iran's total crude and condensate exports for February to global markets, including Europe, will be just over 2.20 mbd, up from 2.16 million bpd last month, which is the lowest rate since July, an industry source familiar with the matter has said.
Looking ahead, Japan will likely skip Iran crude loading in March as buyers are waiting for the government to extend sovereign ship insurance in the new fiscal year that starts in April.
Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.
Iran needs foreign investment for repairs and upgrading its oil and gas fields. It also seeks the transfer of technology to its oil industry after a decade of sanctions.
In November 2016, France's Total became the first oil major to sign a big deal with Tehran since the lifting of sanctions and agreed to help it develop the world's largest gas field, South Pars.
Shell signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan, Yadavaran and Kish in December 2016.
Iran has named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects using the new, less restrictive contract model.
The firms include Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.
Russia's Zarubezhneft signed an MoU for a feasibility study on two joint fields in the west of the country.
Norway's International Aker Solutions Company signed an MoU to modernize Iran's oil industry.
Austria's OMV signed in May an MoU for projects located in the Zagros area in western Iran and the Fars field in the south.
South Korean Daewoo Engineering and Construction (Daewoo E&C) signed an MoU to construct an oil refinery in Bandar Jask, on the southern coast of Iran.
Italy's Saipem signed MoUs to cooperate on pipeline projects, upgrading of refineries and development of Tous gas field in the northeastern province of Khorasan Razavi.
Norwegian oil and gas company DNO said it was the second Western energy company after Total to sign a deal with Iran under which it agreed to study the development of the Changuleh oilfield in western Iran.
Lukoil, Russia's second biggest oil producer, hopes to reach a decision on developing two new oilfields in Iran.
Germany's Siemens AG signed an MoU in May to overhaul equipment and facilities at Iran's oil operations and refineries.
BASF's Wintershall oil and gas exploration subsidiary signed an MoU with the National Iranian Oil Company in April 2016.
