South Korea’s Ira­nian oil im­ports rise over 40% in Aug.

Iran Daily - - Do­mes­tic Econ­omy -

Iran has been boost­ing oil pro­duc­tion since Western sanc­tions over its nu­clear pro­gram were lifted last year, aim­ing to in­crease crude out­put to 4.5 mbd within five years.

In the first eight months of 2017, South Korea’s oil im­ports from Iran were 12.22 mil­lion tons, or 368,529 bpd, up 46.7 per­cent from 8.33 mil­lion tons dur­ing the same pe­riod the year be­fore, the data showed.

South Korea, one of Iran’s ma­jor Asian clients, mainly pur­chases an ul­tra-light oil from the coun­try, but a break­down of im­ports is not avail­able. It uses ul­tra-light oil to produce more ex­pen­sive fu­els like naph­tha.

For Asian buy­ers, Iran set the of­fi­cial sell­ing prices of its light and heavy grades at 18 cents and $1.17 re­spec­tively be­low the Oman/dubai av­er­age for Au­gust, while it raised Septem­ber Ira­nian Light oil prices 20 cents higher than those in Au­gust.

While the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries (OPEC) mem­bers and some non-mem­bers strive to curb their pro­duc­tion to clear a global oil glut, Iran is not cap­ping its out­put as it was ex­cluded from the OPEC-LED sup­ply cut deal to re­duce their pro­duc­tion by around 1.8 mbd un­til next March.

South Korea’s to­tal crude im­ports in Au­gust rose 17.7 per­cent to 13.55 mil­lion tons, or 3.20 mil­lion bpd, ac­cord­ing to the data.

In Jan­uary-au­gust of 2017, South Korea shipped in 98.23 mil­lion tons of crude, or 2.96 mbd, up 3.9 per­cent from 94.55 mil­lion tons over the same pe­riod last year.

State-run Korea Na­tional Oil Corp (KNOC) is set to re­lease South Korea’s fi­nal data for Au­gust crude im­ports later this month.

Mean­while, ship track­ing data ob­tained from in­dus­try sources and data com­piled by Thom­son Reuters Oil Re­search & Fore­casts showed that In­dia im­ported 335,400 bar­rels per day (bpd) oil from Iran in Au­gust.

Au­gust im­ports from Iran were down 19.2 per­cent com­pared with July, the data showed.

In­dia’s oil im­ports in Au­gust de­clined 5.3 per­cent from a year ago to 4.05 mbd, the data showed.

Dur­ing the month, im­ports from Latin Amer­ica and Cen­tral Asia in­clud­ing Rus­sia surged from a year ago, mak­ing up for re­duced pur­chases from the Mid­dle East and Asia. Pur­chases from Africa were largely flat, the data showed.

Iraq con­tin­ued to top In­dian oil pur­chases for the fifth month in a row fol­lowed by Saudi Ara­bia, the data showed. Venezuela emerged as the third big­gest sup­plier, send­ing Nige­ria to fifth po­si­tion. Iran con­tin­ued to hold the fourth rank.


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