South Korea has announced that it will buy around 10 percent of its needed crude from Iran in 2012, which will be slightly higher than last year.
Seoul%u2019s demand for more Iranian oil follows the approval of a new act by the US Senate for imposing tougher sanctions on Iran%u2019s financial and energy sectors.
Ignoring the sanctions, South Korea, which is the world%u2019s fifth largest oil importer, is planning to buy 200,000 barrels per day (bpd) of Iranian crude this year, a little more than the 190,000 bpd in 2011.
