Iran crude exports to hit lowest since sanctions -sources

* Iran's crude loading may fall to 834,000 bpd in December

* China, India to lead decline in December lifting

* China's lifting likely to be lowest this year at 242,000

bpd

TOKYO, Dec 6 (Reuters) - Iran's crude exports are set to

drop by about a quarter in December from the preceding month to

the lowest since tough sanctions were applied this year,

shipping sources said, as the OPEC-member comes under pressure

to curb its nuclear programme.

Oil shipments by Iran have more than halved in 2012 due to

U.S. and European sanctions on its oil trade, straining Tehran's

finances, pressuring its currency and igniting inflation.

Most of the crude would have gone to energy hungry Asian

buyers -- China, India, Japan and South Korea -- with the drop

in December shipments from November representing a loss of about

$800 million for Iran at current oil prices.

China, Iran's top trading partner, is expected to drive the

cut by lifting the lowest volume for the year, said the sources,

who declined to be identified because of policies on talking to

the media.

Iran's customers, including Turkey, the only non-Asian

buyer, will lift 834,000 barrels per day (bpd) of crude in

December compared with 1.08 million bpd in November, an industry

source with direct knowledge of Tehran's shipping plans said.

The December number puts Iranian crude imports by Asia's top

buyers for the full year at about 1.06 million bpd, down roughly

a quarter from a year ago, according to Reuters calculations.

The United States, which is due to decide this month on

whether to renew a 180-day waiver from sanctions for importers

of Iranian oil, wants to see buyers progressively cut purchases.

Washington says Tehran is enriching uranium to levels that

could be used in nuclear weapons. Iran says the programme is for

peaceful purposes.

The architects of U.S. sanctions legislation, Democratic

Senator Robert Menendez and Republican Senator Mark Kirk, have

urged the White House to require oil importers to reduce

purchases by 18 percent or more to qualify for further

exemption.

Of Iran's top four clients in Asia, Japan has already

secured its exemption while India, South Korea and China are

expected to get an exemption this month.

Market nerves over the impact of sanctions on supply pushed

Brent crude futures to a high of $128 a barrel in March

and have kept the benchmark over $100 for most of this year.

Iranian exports took a deep hit from July once European

Union sanctions banning insurance cover for ships carrying

Iranian oil came into force. Shipments recovered in October to

1.3 million bpd from 1.0 million seen in the two previous

months, the International Energy Agency said.

CHINA, INDIA

December loading by China is put at about 242,000 bpd, the

lowest this year. Including November's estimated 382,000 bpd,

the average rate for the two months would be around 312,000 bpd,

nearly 25 percent below the January-October rate of 424,000 bpd.

China, India and South Korea are asking Iran to ship the oil

because they are unable to secure insurance cover on tankers,

but delivery has often been delayed as the Iranian fleet is

stretched with many tankers being used as floating storage.

"It is still the same problem, but one that is getting

worse," said a Chinese buyer of Iranian oil. "The journey

between Iran and China has in some cases been stretched to 60

days from the previous 40 days."

India's loading for December is estimated at 119,400 bpd

compared with 275,000 bpd in November. Asia's third-largest

economy is the only one to have raised imports in the first 10

months of the year, by about 7 percent to 328,000 bpd.

JAPAN

Japanese refiners are set to load about 186,000 bpd in

December, up around 21 percent from 154,000 bpd, and all the

cargoes are due to reach in January, industry sources said.

The rise in December loading reflects Japan's increase in

Iranian crude purchases during the winter due to higher demand

for heating. Since it won its first waiver from U.S. sanctions

in March, Japan has cut imports each month by more than a

quarter except for an increase of 6.8 percent in June.

South Korea's loadings in November and December will be

around 200,000 bpd, in line with its commitment to lift under

annual contracts. It became the first major Asian consumer of

Iranian crude to announce a halt in imports due to the EU ban.

Seoul imported no crude oil from Iran in August and purchases

resumed in September.

Taiwan's Formosa is scheduled to lift about 61,000 bpd in

December, after the island completely halted imports from April.

Taiwan's Iranian imports averaged 30,250 bpd in 2011.

(Additional reporting by Meeyoung Cho in Seoul, Aizhu Chen in

Beijing, Florence Tan in Singapore and Nidhi Verma in New Delhi;

Writing by Manash Goswami; Editing by Simon Webb and Ed Davies)

Source: http://news.yahoo.com/iran-crude-exports-hit-lowest-since-sanctions-sources-094415913--finance.html

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