Both Japan and South Korea must resume Iran's oil imports in 2019, after Tehran is exempt from U.S. sanctions. These sanctions contributed to the price of crude oil operating in low more than one year.
This month, the United States granted exemption to approximately eight countries, allowing them to import a portion of Iranian oil for six months. Among the top five are Japan and South Korea.
South Korean refineries should keep the importation until the end of the year, and only then can close other contracts by conducting new negotiations with Iran to achieve better prices on imports.
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