South Korea completely stopped buying oil from Iran in August

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South Korea completely stopped importing Iranian oil in August, reacting to the demand of the US authorities to stop buying oil from Iran. The US authorities are planning to introduce the next block of sanctions against Iran on November 4, which will be aimed at restrictions in the field of hydrocarbons trade. Bloomberg agency referring to the data on the displacement of oil tankers reports that in August the supplies of Iranian oil to South Korea were completely stopped, whereas in July they were 194 thousand barrels per day. A researcher at the Korea Energy Economics Institute, Kim Jaekyung, noted that “South Korea's national security depends on a military alliance with the United States, so the country reduced imports in advance”.

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