Economics
South Korea Grants U.S. Wish for Zero Oil Imports From Iran
- South Korea’s Iranian crude imports plunge to zero in August
- Refiners wait for clarity on waviers as Nov. 4 deadline looms
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South Korea has become the first of Iran’s top-three oil customers to fulfill a hard-line U.S. demand that buyers cut imports to zero.
The Asian nation didn’t import any crude from Iran last month, compared with 194,000 barrels a day in July, tanker-tracking and shipping data compiled by Bloomberg show. While bigger consumers China and India have curbed buying from the OPEC producer, South Korea’s gone one step further by halting purchases before the U.S. imposes sanctions on the Islamic republic on Nov. 4.