Four leading Asian economies currently account for almost of Iran's exports of oil, with 50% headed for China, according to a new report released last week by the Economist's Intelligence Unit (EIU).

The Diplomat reports that almost all of Iran's oil exports are now destined for China, South Korea, Japan and India, although all four nations have seen a severe reduction in their purchase levels.

Following sanctions imposed by the US and EU to deter Tehran from pursuing its nuclear program exports of oil from the Islamic Republic have halved.

The EIU report says oil is the mainstay of Iran's exports and the lifeblood of government earnings, comprising 80% of all export income as well as over half of state revenue.

The US/EU sanctions have left Iran highly dependent upon Asia, and China in particular, which is currently estimated to purchase 50% of Iran's total oil exports.