South Korea’s imports of Iranian crude last month reached 1.2 million tons, or 8.8 million barrels which was a 23-percent increase on February and a fivefold increase in January, when Korean refiners resumed their purchases of Iranian crude. Reuters reports the daily intake rate for March was a bit above 280,000 barrels, which on an annual basis represents a 12-percent decline. This is understandable as this time last year the U.S. and not yet reinstated sanctions against Tehran and everyone was buying its oil without concern. Now, however, South Korea and Japan are being extra careful: both countries suspended their purchases of Iranian crude ahead of the return of sanctions last November and then waited for two months before they resumed their buying of Iranian oil even though they were granted a sanction waiver. The waivers, also granted to India and China, among others, expire in May, and South […]