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Home Economy Economy News S. Korea's April Iranian crude oil imports stand at 1.24m tons

S. Korea's April Iranian crude oil imports stand at 1.24m tons

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S. Korea's April Iranian crude oil imports stand at 1.24m tons

TEHRAN - South Korea shipped in 1. 24 million tons of Iranian crude, or 303,025 barrels per day (bpd), in April, down 12. 1 percent from last year’s 1. 1 million tons in the same month, Reuters reported citing customs data.

According to Reuters’ sources, South Korea’s crude oil imports have fallen this year, partly reflecting a cut in supplies to South Korea by the National Iranian Oil Company due to lower production and the start of a new splitter.

The world’s fifth-biggest crude oil importer increased its imports of Iranian crude, mainly condensate, or an ultra-light oil since sanctions were lifted in 2016.

In the first four months of this year, South Korea’s intake of Iranian oil dropped 34 percent to 4. 9 million tons, or 286,308 bpd, versus about 7. 1 million tons over the same period a year ago, the data showed.

 

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