TEHRAN – Iran’s four main Asian oil buyers imported nearly 27 percent more oil from the country in March 2017 compared to March 2016 as Iran took advantage of its exemption from a production cut agreed by OPEC and some other major producers.

According to a report by Reuters, Iranian crude’s top four Asian buyers - China, India, South Korea and Japan - imported 1.97 million barrels per day (bpd) last month, government and ship-tracking data showed.

This is marginally below February, when Iran sold the highest volumes overseas since at least 2010, International Energy Agency data showed.

Japan's trade ministry on Friday released official data, showing Iranian imports were at 224,604 bpd last month, up 13 percent from a year earlier and slightly down from the previous month.

Also, in the first quarter, these four countries imported 1.87 million bpd, a 47 percent rise from the same period in 2016.

Iran was exempted from a deal between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to reduce output by 1.2 million bpd from January 1.

It was a victory for Tehran which had argued it needs to regain the market share it lost under Western sanctions over its nuclear program.

EF/MA/MG