Sanchi Oil Tanker Accident Shrinks Iran’s Oil Exports Volume to South Korea

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(Image Courtesy: PressTV)

South Korea’s reduced oil imports from Iran in January due to Sanchi oil tanker explosion, announcement of Venezuela over oil production growth in current year in 2018, Russia’s satisfaction of current oil price and surplus drop in supply of black gold in Asia are of the most important news headlines in the field of energy.

According to the Islamic Republic of Iran Customs Administration (IRICA), South Korea’s oil import from Iran in January hit 224,632 barrels of oil per day (BPD), showing a considerable 47 percent decline.

Collision of Sanchi oil tanker with Chinese bulk carrier in the past month has been cited as one of the main reasons behind such oil export slump. Iran’s Sanchi oil tanker was carrying 136,000 tons of condensates (very light oil) for a South Korean Petrochemical Company. Technical problems in South Pars Gas Field also has been cited as the other reason for the reduced oil sales to South Korea since Nov. 2017.

IRICA put South Korea’s total oil import from Iran in Jan. 2018 at 3,130,000 barrels of oil per day (BPD). Nicolas Maduro Venezuelan President put his country’s oil production volume in the first month of New Christian Year in 2018 at 1,800,000 barrels per day (BPD), showing a considerable 250,000 hike in oil barrels per day.

Oil sale in Venezuela accounts for approx. 95 percent of export income rate of this crisis-hit country as OPEC member.

(Source: Mehr News)

Sea News, February 19