Global Arab Network | South Korea depends on Middle East oil up to 83.9 %

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South Korea depends on Middle East oil up to 83.9 %

Tuesday, 27 July 2010 13:03

South Korea's dependence on Middle Eastern crude edged up 0.5 percent to 83.9 percent in the first five months of 2010 from the same period last year, according to latest data released by the state-run Korea National Oil Corporation (KNOC).

Overall South Korea's crude oil imports in the January-May period shrank 2.

3 percent year-on-year to 353.8 million barrels, or 2.34 million barrels per day (bpd), due to the fall in production caused by a slowdown in the demand for petroleum products, the KNOC said.

"Imports from the Middle East fell 1.7 percent year-on-year in the reporting period," the KNOC said, adding that shipments from Asia and Africa also dropped 3.1 percent and 24.1 percent respectively. In May alone, the nation imported 76.1 million barrels (2.45 million bpd).

South Korea, with its heavy industrial base, is the world's fifth-biggest oil importer. Last year, Kuwait was ranked third in the South Korean market behind Saudi Arabia and the United Arab Emirates.

The average unit price of crude imports from January to May 2010 soared to USD 78.85 per barrel, up from USD 31.77 a year ago, owing to a modest recovery of world economy, according to KNOC. The amount of crude imports recorded USD 27.9 billion, up 63.7 percent year-on-year. (KUNA)

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