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South Korea’s Crude Imports Fall Y-o-Y, But Supplies From Iran and Russia Rise

Oil

South Korea’s overall crude imports declined by 168K b/d y-o-y in February to 3.17M b/d, Energy Intelligence reports, citing data from Korea National Oil Corporation. Declines came from a range of suppliers, including Iraq (-276K b/d to 281K b/d) and Qatar (-105K b/d to 209K b/d). However, imports from some suppliers surged, with Iran (+195K b/d to 478K b/d) and Russia (+132K b/d to 156K b/d), showing the largest growth. Smaller rises also came from Libya (+46K b/d to 55K b/d) and Mexico (+34K b/d to 42K b/d), while imports from the largest supplier, Saudi Arabia, edged upwards (+7K b/d to 951K b/d).