SEOUL: South Korea’s Iranian crude oil imports more than doubled in September from August, but its intake levels remain close to the target of cutting shipments for the June-November period by 15 percent to extend a US sanctions waiver another six months.
To win waivers from the US sanctions, Iran’s crude buyers must continually reduce their shipments. Japan won its fourth six-month waiver last month, while Iran’s other top buyers — China, India and South Korea — will be up for a renewal of exemptions in early December.
US lawmakers on Monday urged President Barack Obama to keep to a hard line on sanctions imposed on Iran. The US and EU sanctions have already cost Iran billions of dollars a month in lost oil revenue, weakened its currency and crippled its economy.
South Korea imported 571,909 tonnes of Iranian crude last month, or 139,736 barrels per day (b/d), more than double the August barrels, preliminary customs data shows. That puts the Asian country’s imports from Iran for June-September at 133,676 b/d, according to Reuters calculations.
The total means South Korea remains close to the 125,814 b/d it aims to achieve in its imports from Iran in the six months through November. Seoul has vowed to slash Iranian oil imports by 15 percent from 148,016 b/d imported in December 2012 to May 2013.
South Korea’s Iranian crude oil imports vary from month to month as one of the two Korean refiners that import Iranian oil receives the oil only every two months. Reuters
