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Latest official figures indicated that South Korea’s imports of crude oil from Iran saw a sharp increase of above 40 percent last month.
South Korea. the world`s fifth-biggest crude importer. brought in 1.55 million tons of Iranian crude last month. or 365.641 barrels per day (bpd). compared with 1.1 million tons in the same month in 2016.
Meanwhile. South Korea imported 4.05 million tons of crude. or 957.283 bpd from Saudi Arabia. up 9.8 percent from 3.69 million tons a year ago. data showed.
Overall. South Korea`s total crude imports in August rose 17.7 percent to 13.55 million tons. or 3.20 million bpd. according to the data reported by Reuters.
In January-August of 2017. South Korea shipped in 98.23 million tons of crude. or 2.96 million bpd. up 3.9 percent from 94.55 million tons over the same period last year.
South Korea. one of Iran`s major Asian clients. mainly purchases an ultra-light oil. also known as condensate. from Iran. but a breakdown of imports is not available. It uses condensate to produce more expensive fuels like naphtha.
For Asian buyers. Iran set the official selling prices of its light and heavy grades at 18 cents and $1.17 respectively below the Oman Dubai average for August. while it raised September Iranian Light oil prices 20 cents higher than those in August. Reuters added.
Previous figures had shown that South Korea’s imports of oil from Iran over the first seven months of the year had increased by around 48 percent.
Figures showed that the country had imported 10.67 million tons of Iranian crude from January to July. or 368.952 barrels per day. from 7.22 million tons in 2016.
