Press TV- Figures show that Saudi Arabia has lost a significant share of South Korea�s oil market to Iran. ��

The latest market figures show that South Korea�s imports of crude oil from Iran doubled in January.

Preliminary customs data show that Iran exported around 1.79 million tons of crude oil to Asia�s fourth largest oil buyer in January.

The figure � which is equal to around 425,000 barrels per day (bpd) � is almost two times higher than that of the same period last year, Reuters said in a report.

This development takes market share away from Iran�s key rival, Saudi Arabia, added the report which was also carried by OilPrice.com.

South Korea�s imports of crude oil from Iran�s regional rival Saudi Arabia dropped by 17.3 percent in January compared to December 2016, to 785,084 bpd, as the Saudis are complying with a supply-cut deal agreed by the Organization of the Petroleum Exporting Countries (OPEC).

South Korea�s total crude oil imports from all oil-exporting nations increased by 14 percent annually to 2.93 million bpd in January, add the report quoting preliminary figures released by South Korea�s customs office.

But the total January imports were 6.3 percent lower than the imports for December 2016, it said.

Among producers, Iran was the biggest beneficiary of a recent rise in South Korea�s consumption, with imports from it skyrocketing by 147.7 percent on Q3 2015.

Last December, OPEC reached a Saudi-proposed deal to reduce production by 1.2 million bpd but exempted Iran from any production cuts.

Among producers, Iran was the biggest beneficiary of the rise in South Korea�s consumption, with imports from it skyrocketing by 147.7 percent on Q3 2015, Reuters further added in its report.

Platts energy news service in a report last week announced that Iran�s exports in January rose by 3 percent.� It added that Iran was the only Middle Eastern producer to see exports rise last month, as others, like Iraq, Kuwait, Saudi Arabia, and the UAE, saw a fall in loadings, in line with agreed OPEC-led output cuts by crude producers.