South Korea’s imports of Iran’s oil up 40% in August
The latest official figures show that South Korea’s imports of crude oil from Iran saw a whopping increase of above 40 percent last month.
Figures reported by Reuters show that South Korea, the world's fifth-biggest crude importer, brought in 1.55 million tonnes of Iranian crude last month, or 365,641 barrels per day (bpd), compared with 1.1 million tonnes in the same month in 2016.
Meanwhile, South Korea imported 4.05 million tonnes of crude, or 957,283 bpd from Saudi Arabia, up 9.8 percent from 3.69 million tonnes a year ago, the data showed.
Overall, South Korea's total crude imports in August rose 17.7 percent to 13.55 million tonnes, or 3.20 million bpd, according to the data reported by Reuters.
In January-August of 2017, South Korea shipped in 98.23 million tonnes of crude, or 2.96 million bpd, up 3.9 percent from 94.55 million tonnes over the same period last year.
South Korea, one of Iran's major Asian clients, mainly purchases an ultra-light oil, also known as condensate, from Iran, but a breakdown of imports is not available. It uses condensate to produce more expensive fuels like naphtha.
For Asian buyers, Iran set the official selling prices of its light and heavy grades at 18 cents and $1.17 respectively below the Oman/Dubai average for August, while it raised September Iranian Light oil prices 20 cents higher than those in August, Reuters added.
Previous figures had shown that South Korea’s imports of oil from Iran over the first seven months of the year had increased by around 48 percent.
Figures showed that the country had imported 10.67 million tonnes of Iranian crude from January to July, or 368,952 barrels per day, from 7.22 million tonnes in 2016.
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