Iran Crude Ban Difficult Without India, China: Chart of the Day - Businessweek The U.S. and European Union may struggle to enforce a ban on Iranian crude because of Asiaâ€™s reliance on supplies from the Persian Gulf state, according to Global Insight Inc. The CHART OF THE DAY shows China, Japan, India and South Korea, Asiaâ€™s four largest economies, were the biggest users of Iranâ€™s oil in the first half of last year, relying on the Islamic Republic for 1.46 million barrels a day, or 59 percent of its exports, according to the U.S. Energy Department. Germany, France and the U.K., the EUâ€™s biggest economies, together imported 77,000 barrels of Iranian crude. â€œIt will be difficult to enforce a ban as India and China are not willing to back the ban,â€ Simon Wardell, energy research manager at London-based Global Insight Inc., said by telephone. â€œIran will still be able to find buyers if they make concessions and lower their prices.â€ The EU agreed on Jan. 23 to ban oil imports from Iran, the worldâ€™s fourth-largest producer, starting July 1 to ratchet up pressure on the nationâ€™s nuclear program. U.S. President Barack Obama signed a bill on Dec. 31 that tightens sanctions by denying access to the U.S. financial system to any foreign bank that conducts business with the Central Bank of Iran. India wonâ€™t cut back on imports from Iran, Finance Minister Pranab Mukherjee said Jan. 29. China â€œopposes imposing pressure and sanctions,â€ a vice foreign minister said last month. Iran has â€œno concerns whatsoever for finding new customers,â€ the countryâ€™s oil ministry said Jan. 23. â€œThe Iranian nation has many times proved that it would never yield to pressure and unjust moves.â€ Brent crude posted its third annual gain in 2011 on speculation escalating tension in the Middle East would disrupt supplies amid a recovery in the U.S. economy. The benchmark has risen 5.5 percent this year.