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South Korea imported 950.013 tons of Iranian crude oil in January. or 224.632 barrels per day (bpd). customs data showed on Thursday.
South Korea. the world`s fifth-biggest crude oil importer. mainly buys condensate — an ultra-light oil — from Iran and increased purchases of the oil after sanctions against the Islamic Republic were lifted in January 2016. Reuters reported.
However. South Korea`s oil imports from Iran have declined since November 2017 as Iran`s condensate exports had been dented by a `technical problem` at South Pars Gas Field.
Overall. South Korea`s January crude oil imports totaled 13.25 million tons. or 3.13 mbd — up 7.1 percent from 12.37 million tons in the same month last year. according to the data.
Final data for South Korea`s January crude imports data will be released by state-run Korea National Oil Corp. (KNOC) later this month.
