•  South Korean crude and condensate imports from the Middle East hit an all-time high of 2.53mn b/d in the third quarter this year as the country’s top two suppliers, Saudi Arabia and Kuwait, competed fiercely for market share with a resurgent Iran.

•  Volumes from Iran have soared since international sanctions were lifted in January this year. They hit 293,000 b/d in Q3, the highest quarterly total since 2008; for September they rose to a record monthly figure of...