South Korea’s Iran crude oil import in May down 8.1 pct y/y

A file photo showing gas flare of an Iranain oil production platform

SEOUL, June 21 (Reuters) – South Korea’s crude oil imports from Iran fell 8.1 percent in May from a year ago, while its total crude oil imports fell 6 percent year on year to 77.5 million barrels last month, data from state-run Korea National Oil Corp (KNOC) showed on Friday.

Earlier this month preliminary data from Korea Customs Service showed that South Korea’s Iranian crude oil imports last month dropped 8.3 percent year on year, while the country’s total crude oil imports last month declined 6.5 percent from a year earlier.

U.S. and European Union sanctions aimed at choking the flow of oil money into Iran and forcing Tehran to negotiate curbing its controversial nuclear programme slashed its crude exports to 700,000 bpd in May, the lowest in decades, according to industry sources and tanker-tracking data.

The U.S. State Department earlier this month renewed six-month waivers on Iran sanctions for South Korea and other Asian economies in exchange for their cuts in oil purchases from Iran.

Including Iran, details of the top five crude exporters to South Korea in May compared with both a month and a year ago are as follows: (in 1,000 barrels unless specified)

    Country                  May 2013    April 2013     May 2012
    Saudi Arabia               25,131        21,352       27,701
    Kuwait                      8,998        11,076       13,291
    U.A.E.                      7,582         7,246        9,140
    Qatar                       6,320         5,916        7,823
    Iran                        3,641         3,683        3,963

Including Iran, details of the top five crude exporters to South Korea in January-May compared with those of 2012 and 2011 are as follows: (in 1,000 barrels unless specified)

    Country      Jan-May 2013      Jan-May 2012     Jan-May 2011
    Saudi Arabia      117,830           127,273          118,148
    Kuwait             52,668            53,541           42,951
    U.A.E.             39,420            39,256           36,142

    Qatar              32,614            42,957           37,360

    Iran               21,215            29,216           34,654

The KNOC data on South Korea’s total crude oil imports and demand for refined oil products in May is as follows: (in 1,000 barrels unless specified)

                             May 2013     April 2013    May 2012
  Crude oil imports            77,463         69,115      82,424
  (1,000 b/d)                   2,499          2,304       2,659
  Oil product demand           67,275         65,699      68,801
  (1,000 b/d)                   2,170          2,190       2,219
  Crude runs                   71,661         66,799      81,089
  Oil product output           78,806         71,944      87,963
  (1,000 b/d)                   2,542          2,398       2,838
  End-month private oil stocks 71,455         68,453      67,486
  Crude oil stocks             19,715         13,797      12,627
  Oil product stocks           44,306         46,411      46,766
  Oil product exports          34,953         33,244      34,839
  Oil product imports          27,097         29,090      27,435

Note: Crude oil stocks and oil product stocks do not add up to total end-month oil stocks because the total volume also includes by-products obtained from initial refining, which are used to make premium oil products.

By Reuters

 

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