Iran oil exports to South Korea up 48 percentJanuary 10th, 2012 - 7:48 am ICT by IANS
Moscow, Jan 10 (IANS/RIA Novosti) Iran’s oil exports to South Korea rose by 48 percent in November 2011, making the Islamic Republic the second largest crude supplier to the South Asian country.
According to Korea National Oil Corporation (KNOC), Iran exported about 279,000 barrels of oil per day (bpd) to South Korea in November, Press TV reported Monday.
Despite the US-led sanctions against Iran’s oil sector, South Korea is planning to buy 200,000 bpd of Iranian crude this year, compared to 190,000 bpd in 2011.
Western powers and Israel suspect Iran of seeking to build nuclear weapons. Iran denies this, saying its program is civilian in nature.
Tensions between Iran and the West escalated in the past few weeks as Tehran threatened to stop oil supplies passing through the Strait of Hormuz should the economic sanctions limit or prevent Iranian oil exports.
US Defence Secretary Leon Panetta warned Iran Sunday that any attempt to carry out its threat would draw an immediate US military response.
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