Asia is purchasing nearly all of Iran’s oil

Four Asian countries are now purchasing nearly all of Iran’s oil exports according a report this week from the Economist’s Intelligence Unit (EIU).
“Almost all of Iran’s oil exports now go to China, South Korea, Japan and India,” the report said even as it noted a sharp decline in the amount of oil each country purchased from Iran during 2012.

With many of Iran’s oil customers bowing to Western sanctions, Iran’s dependence on the four Asian countries has grown substantially. Tehran has become especially dependent on China, which has long been its primary trading partner. Still, China is now estimated to purchase roughly 50% of Iran’s total oil exports.