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South Korea Raises Imports of US Crude, Imports from Iran Drop Steeply

Oil

South Korea’s crude oil imports dropped 145K b/d m-o-m and 299K b/d y-o-y to 2.97M b/d in August, down 116K b/d from the January-July average, according to customs data. Imports from Iran dropped 352K b/d y-o-y to 55K b/d, the lowest since September 2012 when the country purchased no cargoes from Iran amid the previous round of US-led sanctions. The loss in Iranian supplies was offset by a fivefold y-o-y rise in imports from the US to 210K b/d.

By early afternoon in London, ICE Brent was trading at $78.54/bbl, up $0.45/bbl from the end of last Monday’s trading day. The ICE Brent/WTI spread stood at $9.20/bbl, down $0.99/bbl w-o-w but still $3.14/bbl higher than last month’s average.