Seoul halts import of Iran crude last month

South Korea did not import any oil from Iran last month for the first time in six years, Customs data showed yesterday.

The country, which is among the major Asian buyers of Iranian oil, suspended loading from July because of uncertainty in getting a waiver from the US government, which will impose more sanctions on Tehrans oil and gas sector next month.

Seoul has been in talks with the US government for exemptions on Iran crude imports. In the previous rounds of sanctions from 2012 to 2015, South Korea could buy Iranian oil by capping its imports volume.

A US official said this month that the government was considering waivers on sanctions for countries that are lowering their imports of Iranian oil.

Oil imports from Iran have declined in the past months. In the first nine months of the year, South Korea’s imports of Iranian oil dropped 49.1 per cent to 7.15 million tonnes, compared with the same period a year earlier.

The world’s fifth-largest crude buyer imported 10.83 million tonnes of crude oil last month, down 11.8 per cent from 12.28 million tonnes a year earlier.

Imports from Saudi Arabia, South Korea’s top crude supplier, were 3.41 million tonnes last month, down 6.9 per cent from 3.67 million tonnes.

Seoul’s imports of US crude rose to 668,704 tonnes last month from 131,125 last year, the data showed.