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South Korea's imports of Iranian crude oil plunged 50.3%

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Staff writer ▼ | March 25, 2015
South Korea's imports of Iranian crude oil in February plunged 50.3% year on year to 4.043 million barrels, or an average 144,393 b/d, from 8.140 million barrels a year earlier, data by state-run Korea National Oil Corp showed, reports Platts.
Iran oil
KNOC data   South Korea imported 79.987 million barrels
But this was more than double from the 1.995 million barrels of crude imported from Iran in January.

South Korea paid $176.8 million for Iranian crude imports in February, down from $859.5 million a year earlier and $125.7 million in January on lower crude oil prices.

The country paid an average $43.74/barrel for Iranian crude in February, down from $106/b a year earlier and $63.04/b in January.

KNOC data also showed the country's imports of Iraqi crude jumped 63.6% year on year to 8.788 million barrels, or an average 313,857 b/d in February, from 5.371 million barrels a year earlier. But this was down 17.2% from 10.613 million barrels imported in January.

In total, South Korea imported 79.987 million barrels, or 2.86 million b/d, of crude in February, up 8.1% from 74.011 million barrels a year earlier. The February volume was down 5.6% from 84.703 million barrels imported in January.

Meanwhile, South Korea's oil consumption in February was 68.102 million barrels, or an average 2.43 million b/d, up 5.8% from 64.364 million barrels a year ago. But this was down 7.7% from 73.780 million barrels in January, KNOC data showed.

South Korea's refined oil product exports increased 9.4% year on year to 35.847 million barrels in February, or an average 1.28 million b/d, from 32.779 million barrels a year earlier. But this was down 7.3% from 38.675 million barrels in January.

South Korea refined 78.577 million barrels of crude in February, or an average 2.81 million b/d, up 14.4% from 68.694 million barrels a year earlier. But this was down 8.7% from 86.063 million barrels in January.


 

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