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February 23, 2013 11:00 am

South Korea Drops Iran Oil Imports

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Iranian tanker. Photo: wiki commons.

WSJ – SEOUL—South Korea imported 5.896 million barrels of Iranian crude oil in January, a 16.1% drop from a year earlier, preliminary data from the state-run Korea National Oil Corp. showed Friday.

Monthly crude imports from the Islamic Republic will likely continue to record on-year declines over the next few months as South Korea wants to extend an exemption from full compliance with U.S. sanctions targeting Tehran’s oil exports.

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