. Seoul-- South Korea's crude oil imports from Iran halved in July from a year earlier in the wake of the reimposition of US sanctions, according to initial data released by the Korea Traditions Service Thursday.
The country imported 788,651 mt (5.78 million barrels or 186,452 b/d) of Iranian crude, including condensate, in July, down 49.5% from 11.44 million barrels in the same month in 2015.
This notes the ninth successive decline given that November in 2015, when imports dropped 26.8% year on year to 10.37 million barrels.
The July imports, nonetheless, bordered up 5.3% from 5.49 million barrels in June.
For the very first seven months of 2018, Iranian crude imports fell 36.5% year on year to 55.79 million barrels.
The sharp fall in unrefined imports from Iran was mostly attributable to fewer condensate shipments following the start-up of brand-new condensate splitters in the Persian Gulf nation.
The decline might assist South Korea get a permissions waiver from the United States for Iranian crude imports. The United States has actually pressed Iran's oil clients, including South Korea, to totally eliminate imports by November 4.
South Korea, one of the closest allies to the United States in East Asia, would certainly be keen to abide by Washington's foreign policies as it requires full United States support and also influence in its quest to entirely denuclearize North Korea and also improve diplomatic as well as financial ties with Pyongyang.
Neighborhood refiners and also federal government officials intend to satisfy later Thursday to talk about exactly how to respond to the United States demand, according to the Ministry of Profession, Industry as well as Energy.
South Korea's crude imports from its largest provider Saudi Arabia also dropped 11.6% year on year to 3.29 million mt, or 24.12 million barrels, in July. The imports were additionally down 25.4% from June.
In overall, South Korea imported 12.89 million mt (94.48 million barrels or 3.05 million b/d) of crude in July, up 1% from 93.58 million barrels a year previously. But Alginate Manufacturers were down 3.6% from June.
Over January-July, the nation's crude imports climbed 2.5% year on year to 651.92 million barrels.
Last oil profession information for July will be launched later this month by state-run Korea National Oil Corp
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