One Gulf country that did ship notably less to Asia-Pacific in April is Iran. Import stats for key Asian importers show that they took 1.567mn b/d, the lowest level since April 2016 and down around 350,000 b/d on March. Japan saw the biggest fall, taking just 41,000 b/d, less than a fifth of the Q1 average (see chart).

Latest Jodi stats indicate Iran put 837,000 barrels of crude into storage in March – a timing corresponding with April Asian imports.

EAST ASIAN IMPORTS FROM IRAN FELL...