May 15: China is largely expected to continue buying Iranian crude and may be tempted to consume even more as price differentials become more attractive.
8However, Japan and South Korea, who were consistent buyers during the last sanctions era have so far reduced their purchases already this year.
8India has increased its purchases of Iranian crude, importing 492,000 b/d so far in 2018, supported by the need to replace lower Venezuelan volumes.
8Sanctions may, of course, make buying for Indian refiners more challenging, but overall most Indian refiners are expected to remain significant customers.
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