South Korea boosts Iranian crude oil import

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According to the report, South Korea bought 1,064,337 tons of Iranian oil last month, or 269,020 barrels per day (bpd), almost two times higher than the 557,174 tons a year earlier.

South Korea boosts Iranian crude oil import

On Tuesday, the Reuters citing state-run Korea National Oil Corp (KNOC) reported that the South Korea increased imports of crude oil from Iran by over 100 percent in February from a year earlier. Additionally the report also said that South Korea also increased its total crude oil imports more than 20%.

According to the report, South Korea bought 1,064,337 tons of Iranian oil last month, or 269,020 barrels per day (bpd), almost two times higher than the 557,174 tons a year earlier.

That report, citing Korean customs data, said in the first two months of 2016, the world’s fifth largest oil importer brought in 1,923,560 tons, or 486,196 bpd, of crude from Iran, versus 830,800 tons in the same period in 2015.

Last month South Korea imported a total of 12.92 million tons of oil, or 3.26 million bpd.  It was 20 percent higher than the 10.74 million tons imported in a last year February.

Since its sanctions were lifted in January this year, Iran has increased rapid production of oil. According to Iran officials, around 3.1 million bpd of oil are being produced as it seeks to regain market share.

However the international sanctions on Iran regarding its alleged nuclear weapon program, which was imposed on 2011, significantly cut its crude oil exports from 2.5 million bpd to 1 million bpd in recent years. Now Iran appears aggressive in regaining their oil share in world market.

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