BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to: Latest news headlines Analytical topics and features Commodities videos, podcast & blogs Sample market prices & data Special reports Subscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber (https://pmc.platts.com), Please navigate to Platts Market Center to reset your password.

In this list
Oil

South Korea's Oct. crude imports from Iran slump 47% on year to 98,097 b/d

Energy | Natural Gas | LNG | Oil | Refined Products

Interview: Satvinder Singh, Enterprise Singapore

Oil

Platts Rigs and Drilling Analytical Report (RADAR)

Oil | Crude Oil

Platts Workshop at the S&P Global Platts Energy

Oil

Chinese independent refiners' crude imports to rise in Aug on lower maintenance

South Korea's Oct. crude imports from Iran slump 47% on year to 98,097 b/d

Highlights

Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

South Korea's imports of Iranian crude oil in October slumped 47.4% to 3.04 million barrels, or 98,097 b/d, compared with 5.78 million barrels a year earlier, data released Friday by state-run Korea National Oil Corp. showed. Compared with September's imports of 4.12 million barrels, South Korea's imports in October were 26.2% lower.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

In the first ten months, the country imported 40.33 million barrels of Iranian crude oil, down 9.5% from 44.55 million barrels in the same period last year. The country did not import any crude oil from Iran in August and September last year in line with US-led sanctions on Iran, but imported 1.97 million in August and 4.12 million barrels in September this year.

South Korea was granted an exemption from US financial sanctions since last year allowing it to keep buying Iranian crude oil as long as it showed an effort to reduce reliance on the supplies. The country imported 56.15 million barrels of Iranian crude in 2012, down 35.6% from 87.18 million barrels in 2011.


The country's total crude oil imports in October, meanwhile, slipped 2.7% year on year to 79.04 million barrels, or 2.55 million b/d, from 81.25 million barrels a year earlier, KNOC data showed. This was up 5.7% from 74.75 million barrels in September.

South Korea's oil consumption fell 2.2% year on year to 67.36 million barrels, or 2.17 million b/d, in October, from 68.86 million barrels a year earlier. This was up 2.9% from 65.47 million barrels in September.

The country's refined product exports in October fell 9.3% year on year to 35.62 million barrels, or 1.15 million b/d, from 39.25 million barrels a year earlier, the data showed. This was almost flat from 35.69 million barrels in September.

South Korea imported 26.24 million barrels of oil products, or 846,452 b/d in October, up 16.3% from 22.56 million barrels a year earlier. October's imports however, were up 1.3% from 25.89 million barrels in September.

--Charles Lee, newsdesk@platts.com
--Edited by Irene Tang, irene.tang@platts.com