South Korea's Oil Imports from Iran Quadruple

South Korea's oil imports from Iran in July this year quadrupled compared to last year. According to Reuters, citing customs statistics, South Korea imported 1.1 million tons, equivalent to 260,910 barrels per day, from Iran, which represents an increase of 285 percent compared to imports in July last year and a 5.9 percent increase compared to the previous month. In July last year, when sanctions against Iran had not yet been lifted, South Korea imported 286,374 tons of oil from Iran. South Korea, the fifth-largest crude oil importer in the world, imported 7.22 million tons, equivalent to 248,616 barrels per day, from Iran from January to July this year, more than double the 3.23 million tons imported during the same period last year. As Iran seeks to regain its market share following the lifting of sanctions and the price of oil sold in August to Asia, the Mediterranean, and from the Sidra Carrier port in Egypt has decreased, it is likely that the volume of oil sales from this OPEC member will remain high. Hyundai Oilbank, the smallest refiner in Korea by capacity, purchased its first cargo of gas condensate from Iran amounting to 1.1 million barrels in June and August, prior to the launch of its new 130,000 barrel per day refinery unit. South Korea's crude oil import statistics typically include gas condensates. Overall, South Korea, the fourth-largest economy in Asia, imported 12.06 million tons of crude oil last month, equivalent to 2.85 million barrels per day, which is 3.9 percent less than the 12.55 million tons imported in July last year. In the first seven months of this year, South Korea imported 83.04 million tons, equivalent to 2.86 million barrels per day, which shows growth compared to 80.01 million tons, equivalent to 2.77 million barrels per day, during the same period last year. According to Fars News Agency on August 10, quoting Valiollah Afkhami Rad, head of Iran's Trade Development Organization, after the implementation of the JCPOA, the direction of the country's export markets has changed, so that in the four-month trade statistics, South Korea, with an increase of over 2400 percent in imports from Iran, has joined the top five countries purchasing goods from Iran. The Iranian Customs report for the first four months of this year indicates that South Korea imported 2.885 million tons of non-oil goods worth 1.491 billion dollars from Iran, showing a significant increase of 4051 percent in weight and 2439 percent in value compared to the same period last year.