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Customs data released on Saturday showed that South Korea did not import any Iranian oil for the third consecutive month in November, although it was exempted from sanctions and could continue to import Iranian oil.
In November, the United States re-imposed sanctions on Iran for its nuclear program. In early November, South Korea and seven other countries or regions received temporary exemptions from the sanctions.
But because South Korean buyers have been negotiating new contracts with Iran, the country's imports have remained zero. Industry sources have previously said they expect Iranian oil to return to shipment in late January or February.
Customs data show that South Korea's oil imports from Iran fell 57.9% to 7.15 million tons, or 157,009 barrels a day, from January to November, because Iran did not import oil in three months. By contrast, imports in the same period in 2017 amounted to nearly 17 million tons.
South Korea is usually one of Iran's major Asian customers. Although the exact amount of imports allowed under exemption has not yet been announced, people familiar with the matter said that South Korea could buy up to 200,000 barrels per day, mainly condensate.
According to the data, South Korea's crude oil imports totaled 12.71 million tons in November, an increase of 1.2% over the 12.59 million tons in the same period last year.
South Korea's crude oil imports from January to November increased by 0.6% to 132.3 million tons from a year earlier.


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