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South Korea considerably increased its crude oil imports from Iran in the first three months of 2017 as compared with the corresponding period of the last year.
Iran boosted its crude exports to South Korea by 104.5 percent in January. February and March. official data showed.
South Korea’s customs data also showed that the country imported 18.54 million barrels of crude from Iran. making Iran second crude exporter to South Korea after Saudi Arabia.
South Korea`s crude imports from Saudi Arabia. the world`s top crude exporter. fell 15.1 percent to 3.56 million metric tons. or 859.127 bpd. in April from last year`s corresponding period.
The rise in Iran’s oil sales to South Korea came as the member-states of the Organization of the Petroleum Exporting Countries (OPEC) started to implement a plan to curb production by about 1.2 million barrels per day from the beginning of January.
