South Korean Iranian Crude Imports on the Rise

Oil

South Korea, the world’s fifth biggest crude importer, brought in 1.55M tonnes of Iranian crude in August, or 365,641 b/d. a 40.2% increase y-o-y, Reuters reports. The crude was imported at competitive prices, with Iran setting the official selling price of its light and heavy grades at 18 cents and $1.77 respectively below the Oman/Dubai average for August.