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Battle Looms in Key Oil Market as Iran Aims to Seize Back Sales

  • South Korea was top buyer of Iran’s South Pars condensate
  • More than 100 million barrels of the grade in storage: FGE
Views Of GS Caltex Corp. Refinery Ahead Of Industrial Production Figures
Photographer: SeongJoon Cho/Bloomberg
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The likely return of Iranian oil is setting up what promises to be an aggressive battle to supply a corner of the coveted Asian market.

Iran is a major producer of condensates -- ultra-light oil that’s a by-product from natural gas fields -- and South Korea is Asia’s biggest operator of splitters designed to turn it into petrochemicals used to make plastics.