S. Korea April oil imports from Iran rise 17% on year

May 17, 2019

TERHAN – South Korea’s April oil shipments from Iran increased 17 percent compared to the same period last year, Reuters reported citing the country’s customs data.

The Asian country imported 1.45 million tons or 353,223 barrels per day (bpd) of crude oil from Iran in the mentioned month compared to 1.24 million tons a year earlier, according to customs data.

According to the data, South Korea’s total imports for the January-April period dropped by 17.4 percent to 3.87 million tons, or 235,533 bpd, versus nearly 4.7 million tons in the same period last year.

South Korea was among the eight countries which were granted six-month waivers from the United States in November to buy oil from Iran. The country mostly ships in condensate, which is an ultra-light form of crude oil.

However, Washington said in April that it would not renew any exemptions for sanctions on Iran, stepping up pressure on Tehran.

The surges in Iran’s oil exports came after the country’s Asian buyers rushed to use the opportunity that the waivers on U.S. sanctions has provided.

South Korea, one of Iran’s biggest Asian customers resumed imports of Iranian oil in January after a four-month hiatus.

EF/MA

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