Chinese refiners have been importing between 400,000 b/d and 700,000 b/d of Iranian crude, comprising a mix of medium and heavy grades. Iran mainly supplies medium and heavy grades, which are currently in tight supply and often available at discounted rates. South Korea is also ready for the complete cut-off of Iranian crude and condensate supply from next month. South Korean refiners have also sharply increased purchases of US crude and condensate to make up for the decline in Iranian oil imports in recent quarters. Seoul received close to 30 million barrels of US crude in Q1, up five-fold from the same period a year earlier, government data showed.

Source: The Nation Bangkok June 02, 2019 08:48 UTC