Iran has Economic leverage to Demand Stop S. Korea from Exporting CS Gas to Bahrain

South Korea’s Sep Iranian crude imports double from Aug to 137,467 b/d
Platts – 22 October, 2013

South Korea’s imports of Iranian crude oil in September more than doubled from the previous month to 4.12 million barrels, or 137,467 b/d, compared with 1.97 million barrels in August, data released by state-owned Korea National Oil Corp. showed Tuesday.

The country had no crude imports from Iran in August and September last year in line with US-led sanctions on Iran.

“Crude imports from Iran increased in September compared with the previous month, but total volume imported for the first nine months was down on a yearly basis,” a KNOC official said.

From January to September, South Korea imported 37.28 million barrels of crude from Iran, down 3.8% from 38.77 million barrels in the same period last year.

South Korea was granted a 180-day exemption from US financial sanctions since last year allowing it to keep buying Iranian crude oil as long as it showed an effort to reduce reliance on the supplies.

The country imported 56.15 million barrels of Iranian crude in 2012, down 35.6% from 87.18 million barrels in 2011.

South Korea’s total crude oil imports in September fell 6.4% year on year to 74.75 million barrels, or 2.49 million b/d, compared with 79.85 million barrels in the same month last year.

Meanwhile, South Korea’s oil consumption slipped 4% year on year to 64.59 million barrels, or 2.15 million b/d, in September, from 67.30 million barrels a year earlier.

Oil demand in September was down 7.3% from 69.70 million in August. The country’s refined product exports in September plunged 20.6% year on year to 35.66 million barrels, equivalent to 1.19 million b/d, from 44.93 million barrels a year earlier.

The September exports represented a fall of 3.4% from 36.94 million barrels in August.

South Korea imported 24.71 million barrels of oil products, or 823,667 b/d, in September, down 17.5% from 29.95 million barrels in the same month last year.

September imports were 4% lower from the 25.73 million barrels in August. …source