Iran has successfully boosted exports of crude oil and condensate to its key Asian buyers since sanctions were eased in January. MEES calculates that the four largest buyers of Iranian oil – China, India, Japan and South Korea – have upped their takings in January-July this year to 1.43mn b/d, up 28% on the same period last year.

The upshot is that the region’s importing of Iranian oil this year is on track to reach levels not achieved since sanctions were ratcheted up in...