• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 14 minutes What's the Endgame Here?
  • 17 minutes Shale Oil Fiasco
  • 16 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 23 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 15 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 mins Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 9 hours Might be Time for NG Producers to Find New Career
  • 14 mins Phase One trade deal, for China it is all about technology war
  • 18 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 14 mins Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 1 day Trump capitulated

South Korea To Resume Iran Oil Imports Soon

South Korea oil terminal

South Korea will start buying Iranian crude this month or next, the parent company of the country’s largest refinery, SK Innovation, told Reuters.

“As South Korea received a waiver and has been in talks with Iran about the first import volume, it seems (Iran oil) could be brought in late in January or early February at the earliest,” the chief executive of the company, Kim Jun said.

South Korea stopped buying Iranian oil completely ahead of the November 4 sanctions imposed on Iran by Washington. South Korea is the world’s fifth-largest crude oil importer, and as such an important client for Iran’s oil alongside China and India. Yet South Korea is a close ally of the United States, and it is no surprise the country opted for full compliance with Washington’s insistence on importers to cut their intake of Iranian crude to zero.

Thanks to this strategy, South Korea was among eight Iranian oil importers that were granted six-month sanction waivers in November, alongside India, China, Japan, and Italy. In the same month, after the announcement of the waivers, S&P Global Platts reported, citing unnamed sources, that South Korea would resume Iranian crude oil imports at a rate of about 4 million barrels a month.

According to the new Reuters report, South Korea could import up to 200,000 bpd of Iranian crude, most of it’s the superlight grade called condensate: the country was Iran’s biggest condensate buyer before the sanctions and its third-largest importer of oil.

Buying Iranian oil will likely be cautious, however: even with the waivers, Washington has made it clear it expected its allies to eventually reduce their intake of Iranian crude to zero, replacing it with crude from other sources, including from the United States. While some would probably do their best to comply, others, such as India, perhaps won’t be able to afford such a move: New Delhi recently launched a supposedly sanction-proof payments system for Iranian crude.

By Irina Slav for Oilprcie.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
Download on the App Store Get it on Google Play