South Korea`s Crude Import Rise 648.2%

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The world`s fifth-largest crude importer brought 1.55 million tons of Iranian crude in December. or 367.317 barrels per day (bpd). compared with 207.629 tons a year ago and 1.73 million tons in the previous month.
In November. South Korea`s Iranian crude imports more than quadrupled from a year earlier as Hyundai Chemical`s new condensate splitter boosted the country`s ultra-light oil demand from the Middle East country.
South Korea is one of Iran`s major oil customers. Seoul imported 14 million tons. or 281.187 bpd. of crude from Iran in 2016 — up 145.4 percent from 5.7 million tons. or 114.595 bpd. in 2015.
Iran. a member of the Organization of the Petroleum Exporting Countries (OPEC). was exempted from a supply cut deal agreed by OPEC members last year. capitalizing on the exemption by shipping 13 million barrels of oil from floating storage.
Meanwhile. South Korea`s crude imports from Saudi Arabia in December rose just 6.7 percent from a year earlier to 4.01 million tons. or 948.936 bpd.
Overall. Asia`s fourth-largest economy shipped in 13.24 million tons of crude oil in December. or 3.13 mbd — down 1.2 percent from 13.4 million tons a year ago.
South Korea imported 143.95 million tons of crude in 2016. or 2.89 mbd — up 4.4 percent from 137.83 million tons from the previous year.
Final data for December crude oil imports will be released by state-run Korea National Oil Corp. later this month.