South Korea doubles oil imports from Iran
The latest official figures show that South Korea almost doubled its imports of crude oil from Iran in August compared to the same period last year. South Korean customs data showed that the country’s imports of crude oil from Iran in August stood at 1.1 million tons of, or 260,770 barrels per day (bpd), Reuters reported.
The volume of imports over the same period last year – when sanctions against Tehran were still in place – stood at 552,710 tons.
South Korea, the world's No. 5 crude importer, brought in 8.33 million tons of Iranian crude in the first eight months of 2016, or 250,160 bpd. The figure shows a whopping rise of 120 percent compared to the same period last year where the country’s oil imports from Iran stood at 3.78 million ton.
In mid-January, a series of economic sanctions that had been imposed on Iran for multiple years were removed after a deal between the country and the P5+1 – the five permanent members of the UN Security Council plus Germany – was implemented.
The sanctions barred foreign investments in the Iranian oil industry and also imposed a low ceiling of 1 million barrels per day (mb/d) on the country’s oil exports.
After the removal of the sanctions, Iran stepped up its production of oil and its exports accordingly surged.
In early June, Reuters reported that Iran’s oil exports were close to the pre-sanctions level of 2.5 mb/d, stressing that it had been able to improve its exports capabilities at a much faster pace than anticipated.
Gazprom CEO meets Iran’s security chief in Tehran
CBI to fund Iran’s rapid action plan to increase oil output
‘Iran people have undeniable right to gas field disputed with Kuwait’
VIDEO | Hezbollah launches ballistic missile at Tel Aviv for first time
VIDEO | Largest pro-Palestine lobbying group asks Congress to reflect popular opinion
VIDEO | Press TV's news headlines
Hezbollah announces martyrdom of senior commander, member in Israeli attack on Beirut
VIDEO | MKO trial in Tehran reveals magnitude of terrorist crimes
Iran: ‘Hezbollah can flatten Israeli bases, settlements’
VIDEO | Funeral for Palestinian resistance fighter in Vienna
VIDEO | New Syrian govt. faces challenges amid rising regional tensions
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
