OPEC’s second largest producer Iran sells large volumes of oil to China, India, South Korea, Japan and Italy. But Turkey, South Africa and Sri Lanka rely most heavily on Iranian oil as a percentage of imports.
U.S. sanctions already forbid imports of Iranian oil. France is pressing the European Union to consider a ban on Iranian oil to discourage Tehran’s nuclear programme.
Iran produces about 3.5 million barrels a day of crude with another 500,000 bpd of condensate, exporting about 2.6 million bpd of which 50,000 bpd is refined products, the International
Energy Agency estimates.
The top ten buyers of Iranian crude are as follows. Data is for the second quarter 2011 from the IEA with the exception of China, India and Sri Lanka which are not IEA members. Data for
those countries is for first half 2011 from the U.S. Energy Information Administration.
Country Imports k/bpd Percent Imports
1. China 543,000 10
2. India 341,000 11
3. Japan 251,000 5.9
4. Italy 249,000 13.3
5. South Korea 239,000 7.4
6. Turkey 217,000 30.6
7. Spain 149,000 9.6
8. Greece 111,000 34.7
9. South Africa 98,000 25
10.France 78,000 4.4
In addition Sri Lanka imported 39,000 bpd in the first half of the year. It is completely reliant on Iranian oil.