South Korea’s state run Korea National Oil Corporation (KNOC) said in a recent report that the country’s crude imports from the Middle East shrank by 5.6% in the in the first seven months of 2010 from the same period last year. As a result, its dependence on the Middle East fell 1.7% to 81.9%. Â
Overall South Korea’s crude oil imports in the January-July period edged up 0.2% year-on-year to 490.4 million barrels, or 2.31 million bpd, “despite the fall in production caused by a slowdown in the demand for petroleum products,” KNOC said.
Shipments from Asia, including Russia and Australia, jumped 63.7% year-on-year in the reporting period. In July alone, the nation imported 69 million barrels (2.23 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 July soared to US$78.26 per barrel, up $26.10 compared with the same period last year, owing to a modest recovery of the world economy, according to KNOC. The amount of crude imports recorded was $38.4 billion, up 50.3% year-on-year.
