South Korea’s crude imports from Iran and Saudi Arabia rose in August, Reuters reports.
The country imported 1.55 million tons of crude from Iran in August 2017, a 40.2% year-on-year (y-o-y) increase from the 1.1 million tons it imported from Iran in August 2016, according to Reuters. Imports from Saudi Arabia also rose, but at a slower pace. South Korea imported 4.05 million tons of crude from Saudi Arabia in August, a 9.8% y-o-y increase from 3.69 million tons it imported in August 2016.
Iran currently produces 3.79 million barrels per day (b/d), but it projects that its production will rise to 4.5 million b/d by the end of 2022, the Iranian news agency, SHANA reports. It sells its light and heavy crudes at a discounted rate in the Asian market, Reuters reports.