South Korean crude imports at a 26-month high

Oil

South Korea crude imports averaged 2.9M b/d in January up 0.2M b/d m-o-m and 0.5M b/d y-o-y, Reuters reported, citing preliminary data from Korea Customs Service. Imports were at the highest level since November 2019 when volumes surpassed 3.0M b/d. Overall crude imports averaged 2.6M b/d across 2021, based on data from the Korea International Trade Association (KITA).