S. Korea Ups Oil Imports from Iran in November

TEHRAN (Tasnim) - South Korea's Iranian crude imports rose in November from October, but still met a target of a 15 percent cut in shipments for June-November, which ensured it secured an extension of a US sanctions waiver.

S. Korea Ups Oil Imports from Iran in November

The US State Department extended a six-month Iranian sanctions' waiver at the end of November to China, India, South Korea and other countries as a reward for them reducing purchases of Iranian crude oil earlier this year.

The waiver extension came after the United States and five other global powers, known as the P5+1, agreed in Geneva to pause efforts to reduce Iran's crude oil sales, allowing consuming countries to continue buying their "current average amounts of crude oil."

South Korea imported 532,851 tons of Iranian crude last month, or 130,193 barrels per day (bpd), up 26.7 from October, but down 34.6 from a year earlier, preliminary customs data showed on Sunday.

That makes South Korea's crude imports from Iran for June-November 125,769 bpd, according to Reuters calculations, meeting the 125,814 bpd sanctions waiver target, Reuters reported.

South Korea's Iranian crude imports vary from month to month as one of the two Korean refiners that buys from Iran receives oil only every other month. Imports unexpectedly jumped in July from a year earlier before dropping off again in August.

SK Energy and Hyundai Oilbank are the only South Korean refiners that take Iranian oil on a regular basis.

South Korea, the world's fifth-largest crude buyer, imported a total of 10.2 million tons of crude last month against 11.1 million tons in November 2012, data from the Korea Customs Service also showed on Sunday.

Final data for South Korea's crude oil imports last month will be published by state-run Korea National Oil Corp later this month.

Most Visited in Economy
Top Economy stories
Top Stories