S. Korea’s Iranian Crude Oil Imports Rise 40%
SEOUL (Dispatches) - South Korea’s imports of Iranian crude oil increased 40.2 percent in August from the same month a year earlier, with its refiners snapping up competitively priced cargoes from the Middle Eastern nation.
South Korea, the world’s fifth-biggest crude importer, brought in 1.55 million tons of Iranian crude last month, or 365,641 barrels per day (bpd), compared with 1.1 million tons in the same month in 2016, customs data showed on Friday. 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 million bpd 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, also known as condensate, from the country, but a breakdown of imports is not available. It uses condensate to produce more expensive fuels like naphtha,