S Korea's May Iran Crude Imports Fall to Lowest since Jan. 2016


S Korea's May Iran Crude Imports Fall to Lowest since Jan. 2016

TEHRAN (Tasnim) – South Korea’s Iranian crude oil imports fell in May to their lowest since January 2016 as South Korean buyers sought to reduce purchases of Iranian oil amid new US sanctions on Tehran.

In May, South Korea imported 758,903 tons of Iranian crude, or 179,444 barrels per day (bpd), versus 1.02 million tons last year, customs data showed on Friday. That was the lowest since January 2016 when South Korea imported 859,223 tons, Reuters reported.

South Korea, the world’s fifth biggest crude importer, mainly buys an ultra-light oil known as condensate from Iran; However, its intake of Iranian oil has been on the decline in recent months with the start of a new condensate splitter in Iran and lower production.

Against this backdrop, US President Donald Trump said in early May that the United States would walk away from the 2015 nuclear deal between Tehran and world powers and impose renewed US economic sanctions on Tehran, sparking concerns about buying Iranian oil.

South Korea said it would seek exemptions from the United States following the move. South Korea had previously managed to get a waiver on US sanctions by curtailing its oil imports from Iran.

For the first five months, South Korea’s oil imports from Iran fell 33 percent to 5.45 million tons, or 264,369 bpd, compared with 8.12 million tons in the same period last year, according to the customs data.

Overall, South Korea’s total May crude imports were 12.69 million tons, or roughly 3 million bpd, up 2.5 percent from 12.38 million tons last year.

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