Reuters:

South Korea did not import any Iranian oil for the third straight month in November, customs data showed on Saturday, even though it has a waiver from sanctions targeting crude supplies from the Middle Eastern country.

South Korea and seven other countries were in early November granted temporary waivers from US sanctions that kicked in that month over Tehran’s disputed nuclear program.

But it kept imports at zero as buyers have been in talks with Iran over new contracts, with industry sources previously saying they expected arrivals to resume in late January or February.

With no Iranian cargoes arriving for three months, South Korea’s imports of oil from the nation were down 57.9 percent at 7.15 million tons in January-November, or 157,009 barrels per day (bpd), the customs data showed. That compares to nearly 17 million tons in the same period in 2017.

South Korea is usually one of Iran’s major Asian customers. Although the exact volumes it has been allowed to import under the waiver have not been disclosed, sources with knowledge of the matter say it can buy up to 200,000 bpd, mostly condensate.

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