South Korea's Jan Iran crude imports down 16.1 pct y/y

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The world's fifth-largest crude buyer imported a total 81.71 million barrels of crude oil last month, up 2.8 percent year on year.

Compared with December, the country's Iranian crude oil imports last month were up 3 percent, the data added.

South Korean refiners resumed importing Iranian crude oil late in September for October arrivals, importing about 200,000 barrels per day, or full contracted volumes, after finding a way around a European Union ban on insurance cover.

South Korea, which reduced crude imports from Iran by 36 percent to 153,400 barrels per day last year, is aiming for a further 20 percent cut year on year in the six months to May 31 to secure an extension to the waiver when it comes up for renewal that month.

From December of 2011 through May of 2012, South Korea imported 184,727 bpd of crude oil from Iran, according to Reuters calculation based upon KNOC monthly import data. (Reporting by Meeyoung Cho; Editing by Tom Hogue)

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