AFP reported that South Korea imports of Iranian crude oil would fall this month after a sharp rise in April in line with international moves to sanction Tehran for its nuclear program. Official data showed that the imports fell 22.2% in the Q1 compared to a year earlier to 17.73 million barrels. But in April the imports jumped 42% YoY to 7.5 million barrels. The Ministry of Knowledge Economy said that the rise was temporary and imports by local refiners would decrease in May. The government acknowledges the need to reduce imports of Iranian crude oil as a way of participating in international efforts toward a peaceful resolution of Iran's nuclear problem. Related ministries are holding talks about the size of the cut. South Korea wants to cut Iranian crude imports and receive an exemption from US sanctions, rather than completely halt them. Iranian oil makes up about 10 percent of its total crude imports. Seoul has also sought an exemption from EU embargo that would effectively halt shipments of Iranian oil from July 1st 2012. The EU will ban European firms from insuring or reinsuring tankers transporting Iranian oil anywhere in the world a move that could mean Korean refiners are unable to import supplies.

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