20-08-08 Crude oil exports to North Asia slid by 785,000 bpd in the second quarter from the first due to seasonal plant maintenance, while prices above $ 100 prompted refiners to import less and draw on inventories. The July-September quarter could show further falls, as refiners start cutting runs amid falling margins, traders said.
"Imports dropped mainly due to refinery maintenance. But a second reason is decreasing demand," a trader with a North Asian refiner said.

Iran was the biggest loser in terms of sales to North Asia, with its exports down 26 % from the first quarter, and 21 % versus a year ago. This equated to some 350,000 bpd less of Iranian crude heading to the region and could explain why there was a hefty overhang of barrels stored in Very Large Crude Carriers (VLCCs) off the Iranian coast.
It came as demand was limited for Iran's heaviest grades, Iran Heavy and Forozan, while the price of Iranian Light was deemed too expensive, rising from a $ 1.60 premium to Oman/Dubai for March to a $ 2.25 premium for June, traders with refiners said.

Industry sources estimated 15 VLCCs, carrying some 30 mm barrels of Iranian crude stored offshore in May.
Less than 6 mm barrels were left in storage by the beginning of August and would be sold by the end of the month, a senior Iranian official told earlier this month.