South Korea is to cut its crude oil imports from Iran by 15% over the next six months in the face of US sanctions targeting Iran’s nuclear programme, according to reports from the region.
US and European anti-nuclear measures have already reduced Tehran’s crude exports to their lowest levels in decades, with more sanctions on their way.
South Korea is among eight countries exempted from sanctions on the basis they would reduce oil purchases from Iran. The exemptions were renewed in June and will be reviewed again in November this year.
Imports to South Korea would drop to just under 126,000 barrels per day (bpd), compared to 148,000bpd in the six months to May 2013.
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