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| South Korea’s imports of Iranian crude up 7.5% in April |
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 TEHRAN – South Korea bought 139,400 barrels per day (bpd) of crude oil from Iran in April, up 7.5 percent from a month ago on a daily basis, according to Reuters calculations based on the latest official data.
South Korea's imports, however, fell nearly 45 percent from a year ago to 4.18 million barrels, a few days ahead of talks with Washington to extend a waiver for U.S. sanctions on Tehran.
Iran’s oil exports will average 1.38 million barrels a day in the current Iranian fiscal year starting March 21, 2013, the International Energy Agency estimates. That’s in line with the government’s budget expecting 1.3 million barrels a day.
Iranian Oil Minister Rostam Qasemi has said Iran has significantly developed its capacity to ship oil overseas despite U.S.-led sanctions.
The United States in June will review the 180-day exceptions granted to Asian importers that make continuous reductions in oil purchases from Iran. Waivers allow Iranian imports without the risk of being cut off from the U.S. financial system.
Refiners want to continue using the Iranian crude many of their plants are configured to process, as changes will need lengthy testing of new grades or cause an alteration in output.
Waivers on U.S. sanctions have been granted twice to China, India, South Korea and other Asian buyers. Japan, another top buyer, won its third exemption during an earlier review period.
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| Last Updated on 22 May 2013 16:50 |