Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

South Korea stops Iranian oil imports in May as sanction waivers end

Published 06/14/2019, 07:56 PM
Updated 06/14/2019, 08:00 PM
© Reuters.  South Korea stops Iranian oil imports in May as sanction waivers end

By Jane Chung

SEOUL (Reuters) - South Korea halted all imports of Iranian oil in May, customs data showed on Saturday, as waivers on U.S. sanctions against Iran ended at the start of last month.

The world's fifth-largest crude oil importer was among countries granted six-month waivers by the United States in November last year, and resumed Iranian oil imports from January this year after a four-month hiatus.

The country's imports of Iranian crude for the January-May period, were 3.87 million tonnes, or 187,179 bpd, compared to 5.45 million tonnes over the same period last year, the customs data showed.

South Korean oil buyers mainly imported condensate, an ultra-light oil, from Iran.

SK Innovation, the owner of South Korea's top refiner SK Energy and petrochemical maker SK Incheon Petrochem, said in late May that it has been replacing Iranian condensate with crude oil from other sources, including Qatar and Russia.

South Korea's total May crude oil imports fell 11.1% to 11.27 million tonnes, or 2.65 million bpd.

Oil shipments from Saudi Arabia, the country's top crude oil supplier, rose 5.1% to 3.39 million tonnes, or 798,695 bpd, from a year earlier, the data showed.

Qatari crude oil imports rose 10.1% year-on-year to 660,752 tonnes, or 155,596 bpd.

South Korea also imported 1.43 million tonnes of crude oil, or 337,014 bpd, in May from the United States, more than tripled from 405,158 tonnes a year earlier, according to the data.

The country's crude oil imports from January to May edged up 0.3 % to 61.17 million tonnes year-on-year.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

State-run Korea National Oil Corp (KNOC) will release the country's final crude oil imports data later this month.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.