Kuwait's crude oil exports to South Korea jumped 27.9 percent in June from a year earlier to 12.83 million barrels, or 428,000 barrels per day (bpd), according to latest data released by the state-run Korea National Oil Corporation.

As South Korea's No. 2 supplier, Kuwait provided 16.3 percent of the Asian nation's total crude oil imports in June, compared to a 13.2 percent share in the same month of 2011 and 16.1 percent in May. Overall South Korea's crude oil imports last month increased 3.4 percent year-on-year to 78.57 million barrels (2.62 million bpd). South Korea, with its heavy industrial base, is the world's fifth-biggest oil importer.

Saudi Arabia remained its top crude supplier, although imports from the kingdom edged down 0.2 percent from a year earlier to 800,000 bpd.

Qatar ranked third with 277,000 bpd, down 19.3 percent, followed by the United Arab Emirates and Iran. South Korea's imports of Iranian crude oil plunged 24.4 percent on the year to 176,000 bpd, but rose 33.6 percent from May's 3.96 million barrels (128,000 bpd).

Last month, US exempted South Korea from financial sanctions targeting Iran's nuclear program in return for "significantly reducing purchases of Iranian oil." Earlier this month, the Seoul-based Yonhap News Agency reported that South Korea is considering accepting Iran's proposal to supply oil using Tehran's own oil tankers.

The proposal came as South Korea's oil imports from Iran were halted due to the European Union's ban on insuring Iranian oil shipments.

If the consultations go well, South Korean oil refiners could receive crude shipments without concerns over insurance guarantees and resume oil imports by early next month, as using Iranian-flagged ships to import Iranian oil "is not internationally prohibited," the report said. The insurance embargo, which came into force on July 1, is part of the EU's broader sanctions against Iran for its nuclear programs. South Korea has long prepared for the anticipated European sanctions by arranging alternative suppliers.

Although Japan, one of the major importers of Iranian oil along with South Korea, passed a law to offer government guarantees on insurance for Iranian crude shipments, Seoul has not been considering such a measure.