29 Mar 2024
Friday 21 June 2013 - 13:47
Story Code : 34138

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

[caption id="attachment_25966" align="alignright" width="210"] A file photo showing gas flare of an Iranain oil production platform[/caption]
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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