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South Korea's oil imports from Iran increased by 23% in March from last month

South Korea's oil imports from Iran increased by 23% in March from last month

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According to Reuters, data released by South Korean Customs on Monday showed that South Korea’s oil imports from Iran increased by 23% in March from the previous month, the highest monthly import since the resumption of Iranian oil purchases in January. As one of Iran's largest Asian customers, South Korea imported 1.2 million tons of crude oil from Iran in March, equivalent to 284,639 barrels per day, a 23% increase from February and more than five times more than in January.
 
The data also showed that South Korea's crude oil imports from Iran in the first three months of this year decreased by 29.8% compared with the same period of last year, to 2.4 million tons, and the daily import volume was 196,303 barrels, compared with 3.45 million tons in the same period last year. According to the calculation of customs data, from November last year to March of this year, South Korea imported an average of 117,000 barrels of Iranian oil per day. According to the sanctions exemption, South Korea is allowed to purchase up to 200,000 barrels of oil per day from Iran (mostly condensate or ultra-light crude oil).

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