Record high oil imports by S Korea from Iran

Record high oil imports by S Korea from Iran
ID : N-450 Date : 2017/10/15 - 19:01

(Persia Digst) – On 15 October 2017, Reuters in Seoul writes that South Korea’s imports of Iranian crude oil hit the highest level in six months in September amid Iran’s push to regain its lost market share during years it was under sanctions over its nuclear programme.

The world’s fifth-biggest crude importer shipped in 1.83 million tonnes of crude oil from Iran in September, or 446,148 barrels per day (bpd). That is a 22.8 percent increase from nearly 1.5 million tonnes a year ago, customs data showed on Sunday.

South Korea mainly buys an ultra-light oil from Iran, also known as condensate, but the data does not provide a breakdown of imports.

Iran has continued to expand its oil production since sanctions were lifted last year. The Middle Eastern country aims to maintain its combined exports of crude and condensate at around 2.6 million bpd for the rest of the year, even though Tehran had cleared excess oil stored onshore and offshore in recent months and its domestic demand growth keeps a lid on outbound shipments, a senior official of National Iranian Oil Company (NIOC) said last month.

Although South Korea’s intake of Iranian oil in September grew on-year, the NIOC notified its Asian buyers including South Korea that it could cut condensate exports in October due to maintenance at the South Pars gas field, according to industry sources.

South Korea’s oil imports from Iran jumped 43.1 percent to 14.03 million tonnes in January-September of 2017, or 377,059 bpd, from 9.81 million tonnes over the same period last year, according to the data.

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