• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 42 mins The Inconvenient Truth Of Electric Cars
  • 10 mins Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 6 hours California and Oil
  • 9 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 5 hours The Plastics Problem
  • 3 hours Hydrogen FTW... Some Day
  • 8 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 11 mins NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 1 min Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 9 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 20 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 18 hours Solar Panels at 26 cents per watt
  • 13 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)

Iran Boosts S. Korea Oil Market Share While Saudis Cut

Iran

Iran continues to raise market share in Asia, with crude sales to South Korea increasing by 26.5 percent on the year in July, while Saudi Arabia’s oil sales to Seoul declined on an annual basis, according to Korean customs data, as reported by Reuters.

South Korea’s imports of Iranian oil–most of which is the ultra-light condensate—increased to 1.40 million tons last month, equal to 330,151 bpd, compared to 1.10 million tons imported from Iran in July last year.

At the same time, South Korea’s purchases of Saudi Arabian crude oil dropped by 9.3 percent to 873,656 bpd last month, according to customs data cited by Reuters.

Seoul’s purchases of Iranian oil soared by 47.7 percent between January and July, to 10.67 million tons, or 368,952 bpd, up from 7.22 million tons of Iranian crude imports in the first seven months last year.

Under the OPEC production cut deal, Iran—the cartel’s no.3 producer--is not cutting output. Saudi Arabia—the no.1 producer and Iran’s bitter regional rival--is shouldering most of the cuts. Iran is thus looking to regain shares of the market it lost in the five years under Western sanctions on its oil trade.

As early as January this year, Iran was set to boost market share in South Korea at the expense of Saudi Arabia. South Korea doubled its imports of Iranian crude in January from the same time last year, when Iran returned to the international oil market and started exporting growing amounts of oil in a bid to regain lost market share.

For this month, South Korea is expected to be Iranian oil’s second-biggest customer behind China. At the same time, however, India is said to be scaling back imports from Tehran, while Iran is set to boost its exports to China to an 11-month high.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News