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Iran Increase Oil Exports to South Korea by Over 63%

Source: www.gulfoilandgas.com 5/16/2017, Location: Asia

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South Korea considerably increased its crude oil imports from Iran in April as compared with the corresponding period in the last year.

“Iran boosted its crude exports to South Korea by 63.5 percent in last month (April),” Customs Office data showed.

South Korea’s customs data also showed that the country imported 1.41 million metric tons of Iranian crude or 344,933 barrels of oil per day in April.

The figures showed that the world’s fifth-largest crude importer shipped in 7.1 million metric tons of Iranian crude oil, or 433,659 bpd, in the first four months of 2017 which was up 86 percent from 3.82 million metric tons imported during the same period a year ago.

South Korea’s crude imports from Saudi Arabia, the world’s top crude exporter, fell 15.1 percent to 3.56 million metric tons, or 859,127 bpd, in April from last year’s corresponding period.

The rise in Iran’s oil sales to South Korea came as the member-states of the Organization of the Petroleum Exporting Countries (OPEC) started to implement a plan to curb production by about 1.2 million barrels per day from the beginning of January.

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