Iran’s Oil Exports To South Korea Fall By 40 Percent
South Korea has reduced its import of Iranian crude by 40 percent compared to this time last year.
Reuters reports that South Korea, the fourth-largest consumer of Iranian oil, has reduced its purchases to 155,000 barrels a day. In February that number was 203,379.
Iranian oil consumers have been under pressure to reduce their dealings with Iran by the end of June or face U.S. sanctions.
Japan has already made a significant reduction in purchase of Iranian oil and been duly exempted from those sanctions.
Saudi Arabia, United Arab Emirates and Kuwait have been active in trying to make up for the possible oil shortage in the market as Iran becomes more and more isolated from it.
Kuwait’s oil exports to South Korea were increased by 41 percent in March.
South Korea has an agreement with Iran to buy 200,000 barrels of oil each day in 2012, and the current situation puts the Asian country in violation of this agreement.