Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Saudi Arabia lost a significant share of South Korea’s oil market to Iran. the latest crude market figures showed.
South Korea’s imports of crude oil from Iran doubled in January. the latest figures said.
The preliminary customs data showed that Iran exported around 1.79 million tons of crude oil to South Korea. Asia’s fourth largest oil buyer. in January.
This development takes market share away from Iran’s key rival. Saudi Arabia. oilprice.com website reported.
South Korea’s imports of crude oil from Iran’s regional rival Saudi Arabia dropped by 17.3 percent in January compared to December 2016. to 785.084 bpd. as the Saudis are complying with a supply-cut deal agreed by the Organization of the Petroleum Exporting Countries (OPEC).
South Korea’s total crude oil imports from all oil-exporting nations increased by 14 percent annually to 2.93 million bpd in January. South Korea’s customs office said.
Among producers. Iran was the biggest beneficiary of a recent rise in South Korea’s consumption. with imports from it skyrocketing by 147.7 percent on the third quarter of 2015.
Last December. OPEC reached a Saudi-proposed deal to reduce production by 1.2 million bpd but exempted Iran from any production cuts.
Platts energy news service in a report last week announced that Iran’s exports in January rose by 3 percent. It added that Iran was the only Middle Eastern producer to see exports rise last month. as others. like Iraq. Kuwait. Saudi Arabia. and the UAE. saw a fall in loadings. in line with agreed OPEC-led output cuts by crude producers.
