S. Korea's April Iranian crude oil imports stand at 1.24m tons

May 16, 2018

TEHRAN - South Korea shipped in 1.24 million tons of Iranian crude, or 303,025 barrels per day (bpd), in April, down 12.1 percent from last year’s 1.41 million tons in the same month, Reuters reported citing customs data.

According to Reuters’ sources, South Korea’s crude oil imports have fallen this year, partly reflecting a cut in supplies to South Korea by the National Iranian Oil Company due to lower production and the start of a new splitter.

The world’s fifth-biggest crude oil importer increased its imports of Iranian crude, mainly condensate, or an ultra-light oil since sanctions were lifted in 2016.

In the first four months of this year, South Korea’s intake of Iranian oil dropped 34 percent to 4.69 million tons, or 286,308 bpd, versus about 7.1 million tons over the same period a year ago, the data showed.

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