Related articles:Â Iran says OPEC indecision will hit oil prices | Â Iran set to pump oil from Azar field in 2015 |Â Iran key gas field project nears completion
Iranian exports of crude oil to South Korea fell in the first 9 months of 2014, with Iran exporting 558,357 tonnes of crude oil in September compared with 571,909 tonnes last year.
As Asia’s fourth largest economy, South Korea is a hugely important importer of Iranian crude. In the year to September, Iranian exports to South Korea averaged 128,876 bpd down 7% from last year.
Under the terms of the Joint Plan of Action (JPoA) Iran suspended higher-grade uranium enrichment and in return is allowed to export between 1 million and 1.1 million bpd of crude oil.
Only two of South Korea’s four refiners, SK Energy and Hyundai Oilbank, import Iranian oil, and imports fluctuate as one of the pair buys the crude only every second month.
