South Korea's Iran Oil Imports Plummet by Nearly Half

South Korea's imports of crude oil from Iran plummeted by 47% in January compared to the same month last year, reaching a low not seen since October 2016. According to customs data released on Thursday, South Korea imported 950,013 tons of Iranian crude, equivalent to 224,632 barrels per day.

The decline is partly attributed to the sinking of an Iranian tanker carrying 136,000 tons of condensate in January after a collision with a Chinese cargo ship. The condensate was destined for Hanwha Total Petrochemical, a South Korean petrochemical company.

South Korea's oil imports from Iran have been declining since November 2017 due to technical issues at the South Pars Gas Field, which affected Iran's condensate exports.