Preliminary data from the South Korea Customs Service revealed on Sunday that the country imported no crude oil from Iran in January, maintaining the same zero-import status recorded a year earlier.
The data indicated that South Korea, the world’s fifth-largest crude oil importer, brought in a total of 12.5 million tons of crude last month. This represents a slight increase compared to the 12.2 million tons imported during the same period last year.
As one of the globe’s major energy consumers, South Korea’s shifting import patterns are closely watched by global markets. While the preliminary customs figures provide an early look at the nation’s energy flow, the final and more detailed figures are expected to be released later this month.
The state-run Korea National Oil Corp (KNOC) is scheduled to publish the definitive data for South Korea’s January crude imports toward the end of February, which will provide a clearer picture of the country’s sourcing strategy and regional dependencies.