According to Reuters, South Korea imported 758,903 tons of Iranian crude, or 179,444 barrels per day (bpd) in May, compared to 1.02 million tons last year, customs data showed on Friday. That was the lowest since January 2016 when South Korea imported 859,223 tons.
South Korea, the world’s fifth biggest crude importer, mainly buys an ultra-light oil known as condensate from Iran, however its intake of Iranian oil has been on the decline in recent months with the start of a new condensate splitter in Iran and lower production, Reuters said.
The United States President Donald Trump unilaterally and unlawfully pulled the US out of the nuclear deal with Iran on May 8, reinstating illegal sanctions. Since then, major European companies like French Total and Danish Maersk have begun leaving Iran’s market.
Meanwhile, Iran has announced that it will also withdraw from the deal and resume its nuclear activities if the remaining participants in the deal cannot provide credible and concrete guarantees.
KI/PR