Saudis Lose South Korean Market Share To Iran

South Korea doubled its imports of Iranian crude in January this year from the same time last year, when Iran returned on the international oil market and started exporting growing amounts of oil in a bid to regain market share lost to the Western sanctions. According to preliminary South Korean customs data reported by Reuters , the Asian country, which is also the world’s fifth-largest crude importer, last month imported 1.79 million tons of crude from Iran, which is equal to 424,143 bpd, compared to 859,223 tons in January 2016, when sanctions on Iran were lifted. This development takes market share away from Iran’s key rival, Saudi Arabia. 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 the OPEC supply-deal cut. South Korea’s total crude oil imports […]

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