South Korea`s Crude Import Rise 648.2%

The world`s fifth-largest crude importer brought 1.55 million tons of Iranian crude in December. or 367.317 barrels per day (bpd). compared with 207.629 tons a year ago and 1.73 million tons in the previous month.
In November. South Korea`s Iranian crude imports more than quadrupled from a year earlier as Hyundai Chemical`s new condensate splitter boosted the country`s ultra-light oil demand from the Middle East country.
South Korea is one of Iran`s major oil customers. Seoul imported 14 million tons. or 281.187 bpd. of crude from Iran in 2016 — up 145.4 percent from 5.7 million tons. or 114.595 bpd. in 2015.
Iran. a member of the Organization of the Petroleum Exporting Countries (OPEC). was exempted from a supply cut deal agreed by OPEC members last year. capitalizing on the exemption by shipping 13 million barrels of oil from floating storage.
Meanwhile. South Korea`s crude imports from Saudi Arabia in December rose just 6.7 percent from a year earlier to 4.01 million tons. or 948.936 bpd.
Overall. Asia`s fourth-largest economy shipped in 13.24 million tons of crude oil in December. or 3.13 mbd — down 1.2 percent from 13.4 million tons a year ago.
South Korea imported 143.95 million tons of crude in 2016. or 2.89 mbd — up 4.4 percent from 137.83 million tons from the previous year.
Final data for December crude oil imports will be released by state-run Korea National Oil Corp. later this month.

About core

Check Also

Oil, Gas Drilling Dips to February 2022 Low as Oil Prices Hover near 2023 Highs

The total number of active drilling rigs in the United States fell by 7 this …

Leave a Reply

Your email address will not be published. Required fields are marked *