News ID: 240415
Published: 0552 GMT March 19, 2019

Four-fold growth in S. Korea imports of Iran oil

Four-fold growth in S. Korea imports of Iran oil

South Korean statistics show that importing Iranian oil has experienced four-fold rise in February compared with its last month.

South Korean statistics show that importing Iranian oil has experienced four-fold rise in February compared with its last month.

 Asia's fourth-largest economy imported US$476 million worth of crude from the Middle Eastern country last month, South Korean media ‘Yonhap News Agency’ reported.

The report was based on the data from the Korea Customs Service, IRNA wrote.

“The figure is more than four times the $101 million posted in January but lower than the $621 million recorded a year earlier,” it added.

US sanctions on Iran that took effect last November have reduced its exports to Asia even though Washington gave waivers to eight countries allowing them to import lower volumes of Iranian oil for six months.

Buyers had to overcome shipping and payment issues which delayed the resumption of Iranian oil imports in Japan and South Korea. Iran is the fourth-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC).

In January, Japan lifted its first Iranian oil cargo since the sanctions and the shipment is expected to arrive in February.

South Korea resumed imports of Iranian oil in January after a four-month hiatus, data from the Korea National Oil Corp earlier showed.

 

   
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