ISSN 2330-717X

South Korea Resumes Oil Imports From Iran

By

South Korea resumed the import of Iranian oil this month, using Iranian insurance companies to cover the shipments.

Reuters reports that according to statistics published by South Korean sources, Korea’s oil imports declined in September by 2.8 percent, compared to the same time last year. South Korea, the world’s fifth-largest oil importer, resumed oil imports from Iran this month after a two-month hiatus.

South Korea
South Korea

EU sanctions have barred European insurance companies from extending their services to Iranian oil shipments, which forced South Korea to stop buying Iranian oil.

South Korea will receive 6 million barrels per month from Iran, which according to Reuters is a return to full-contract volumes.

Reuters quotes a South Korean official saying that it has managed a reduction of more than 20 percent in its oil imports from Iran, which should exempt South Korea from U.S. sanctions.

“The cut in our Iranian crude oil imports this year is expected to be much larger than the 20-percent level targeted to ensure we received a U.S. sanction waiver earlier this year,” the unidentified source told Reuters.

The United States has imposed sanctions on any company or country that has refused to reduce its oil dealings with Iran.



Please Donate Today
Did you enjoy this article? Then please consider donating today to ensure that Eurasia Review can continue to be able to provide similar content.

Radio Zamaneh

Radio Zamaneh

Since 2006 Radio Zamaneh has successfully facilitated Persian writers, Islamic scholars, prominent Iranians and personalities at the heart of Iranian culture to provide their views and thoughts.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.