Bloomberg News

South Korea’s Crude Oil Imports From Iran Drop 25% in January

February 22, 2012

Feb. 22 (Bloomberg) -- South Korea’s crude imports from Iran fell 25 percent in January, according to data from state- run Korea National Oil Corp.

Asia’s fourth-largest crude importer purchased 7.03 million barrels of oil, or about 227,000 barrels a day, from Iran last month, compared with 9.35 million a year earlier. South Korea received 80.15 million barrels from overseas in January, according to the data.

South Korea, which relies on imports for almost all of its crude needs, is supporting U.S. efforts to impose sanctions on Iranian oil to compel the country to abandon its alleged nuclear weapons program. South Korea imported 926.8 million barrels of crude last year, of which 9.4 percent were from Iran.

--Editors: Christian Schmollinger, Baldave Singh

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net.

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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