Surging production of Nigeria’s light crude which has hit 1.81mbpd is set to cash in from the recent cut by South Korea in importing Iranian oil.

The development has poised South Korea’s leading energy company, SK Incheon Petrochem plans to increase imports of the product from sources including Nigeria to replace Iranian condensates.

The key trouble causing the cut is not unconnected with the rising prices for the Middle Eastern oil.

SK Incheon Petrochem, fully owned by SK Innovation, South Korea’s largest refiner, was quoted by Reuters to have said in a statement that it would bring in a combined three million barrels of light crude oil for April as an alternative to supplies of Iranian condensate. Since the fourth quarter of last year, SK Incheon Petrochem has cut its monthly Iranian condensate imports by nearly half to 1.1 million barrels and increased imports of light crude oil from sources such as Russia, Kazakhstan and Nigeria, the company said in the statement.

“We will increase our light crude imports for the time being in response to increasing prices for Iranian oil,” the firm said.  The latest move by SK Incheon Petrochem douses fears about the chances of Nigerian crude exports to the Asian country.  Last year, refiners in South Korea, the world’s fifth crude oil importer, reportedly joined India to diversify their crude sources with SK Innovation making its first purchase of US crude in what was feared could shrink Nigeria’s spot crude export market.