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Imports of Iranian oil into South Korea are falling to its lowest level since December 2015

Imports of Iranian oil into South Korea are falling to its lowest level since December 2015

Imports of Iranian oil by South Korea in August fell to its lowest level since December 2015 when customers cut their purchases because US sanctions against Tehran have ended since November.
In August, South Korea imported 232,723 tons of Iranian crude oil, or 55,000 and 28 barrels per day, a decrease of 85 percent compared to 1.55 million tons last year, according to data from customs on Saturday.
This is the lowest level since December 2015, when the imports amounted to 207,629 tons.
South Korean imports of Iranian oil dropped 41.4 percent to 7.15 million tons, or 215,807 barrels per day, in the first eight months of the year compared to the same period last year.
South Korea, the world's fifth largest importer of crude oil, bought a total of 12.62 million tonnes of crude oil in August, or 2.98 million barrels a day, a decrease of about 7 percent compared to 13.55 million tons a year earlier.
In August, South Korea increased its oil purchases from the United States and Australia to replace Iranian oil. US crude oil imports rose five times to 887,559 tons on an annual basis, while imports from Australia quadrupled to 305,347 tons.
In the first eight months of the year, South Korea bought 99.62 million tons of crude oil, or 3 million barrels per day, an increase of 1.5 percent from a year earlier.
The state-run Korean National Oil Company (CNPC) will publish the final data for oil imports in August later this month