Iran oil exports to South Korea rise to 400,000 bpd after sanctions lifted

May 1 Iran’s oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.

Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has also shipped cargoes to Europe.

According to data from Energy Aspects, global imports of Iran’s crude rose in March to 1.90 million bpd, from 1.51 million bpd in February.

Zanganeh also said Iran and South Korea were working to resolve difficulties in transferring payments for the oil sales, alluding to the continued reluctance of international banks to enter the Iranian market.

Most international sanctions were lifted in January under last year’s nuclear deal, including those targeting the oil sector, but some U.S. sanctions and a U.S. trade embargo remain in place.

By Reuters