Despite the exemption .. South Korea does not import Iranian oil

South Korea has not imported any Iranian oil for a third month in a row in November, although it has been exempted from sanctions aimed at supplies of crude oil from Iran, customs data showed on Saturday.

South Korea and seven other countries gave temporary exceptions in early November to US sanctions, which began that month over Tehran's controversial nuclear program.

But it has not imported anything as buyers hold talks with Iran over new contracts, while industry sources have said it expects to resume purchases late in January or February.

Customs data showed that with no shipments from Iran in three months, South Korea's oil imports from Iran fell 57.9 percent to 7.15 million tons in the January-November period, or 15,7009 barrels per day from about 17 million tonnes in the same period in 2017.

South Korea is one of Iran's main customers in Asia. Although the amount of oil allowed to be imported from Iran under the exemption has not been disclosed, well-informed sources said it could buy up to 200,000 bpd, mostly condensate.

A very light oil condenser is used to make fuel such as naphtha and gasoline. But because Iran's supply of condensates is limited by sanctions and rising domestic demand in Iran, South Korean buyers have sought alternatives from regions such as Qatar.

In total, South Korea imported 12.71 million tons of crude oil in November, up 1.2 percent from 12.59 million tons a year earlier, the data said.

South Korea's crude oil imports from January to November rose 0.6 percent from a year earlier to 131.23 million tonnes.