• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 1 day Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 hour Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Japan, South Korea To Resume Iranian Oil Shipments In January

After reports that South Korea would restart its imports of Iranian crude, now sources familiar with refiners’ plans in both South Korea and Japan, have told Reuters both countries will resume Iranian oil imports beginning in January.

Earlier this month, S&P Global Platts reported, citing unnamed sources, too, South Korea will resume Iranian crude oil imports at a rate of about 4 million barrels a month. At the same time, the sources added, the country will continue to look for alternative sources of the commodity.

Also earlier this month, Japan’s Trade Minister Hiroshige Seki said, as quoted by Reuters, Japanese refiners were now preparing to resume Iranian oil imports.

“It would be up to the judgment of private firms, but based on this decision, the (Japanese) companies would likely prepare for resuming Iran crude imports,” Seki said, declining to comment on the size of shipments as compared to imports before the announcement of the sanctions.

The moment the Trump administration granted waivers from the sanctions to eight major importers, it was clear they will resume their imports, at least for the next six months or so, which is the length of the waivers. What wasn’t clear was how quickly they will restart imports.

Based on what Reuters’ sources said, South Korea and Japan seem still reluctant to go back to importing a lot of Iranian oil and no wonder since they would only have the right to do it for 180 days beginning November 5, when the sanctions came into effect.

And there is something else: most tankers carrying Iranian crude are booked until December, the sources said, so January is the earliest point when shipments could restart. Also, “They are seeking to get the best price and are in talks with Iran,” one source told Reuters, referring to South Korean refiners. The size of shipments was not mentioned.

Japanese refiners, on the other hand, could start importing Iranian crude at a rate of 100,000 bpd, compared with 165,000 bpd before the sanctions hit.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News