Tuesday, April 27, 2010

Korea''s oil dependence on Middle East increased


Seoul (UNN) South Korea's dependence on Middle Eastern crude oil stood at 84.7 percent in the first two months of this year, nearly unchanged from the same period a year ago, according to press release by the state-run Korea National Oil Corporation.
The imports from Africa, such as Algeria and Angola slightly increased, while those from Asian countries including Australia and Brunei edged down," the KNOC said.
Overall South Korea's crude oil imports in the January-February period fell 16.3 percent year-on-year to 140.7 million barrels, or 2.38 million barrels per day (bpd), as the production and domestic consumption shrank due to the delay of clear economic recovery, it said. In February alone, the nation imported 65.6 million barrels (2.34 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./UNN

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