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From January to June, Middle Eastern crude oil will share South Korea's crude imports at its lowest level in more than three decades, reflecting further production cuts by Middle Eastern oil producers amid the coronavirus outbreak
.
Reuters calculated that 67.
0 percent of the country's total crude imports from January to June were expected to come from the Middle East, or 1.
91 million barrels per day, down from 72.
8 percent a year earlier, which would be the country's lowest share of first-half Middle Eastern crude oil since 1988, when Middle Eastern producers met 62.
1 percent
of South Korea's total crude demand, Reuters calculated.
Lee Dal-seok, a senior fellow at KEEI, Korea Energy Economics Research Institute, said: "The share of Middle Eastern crude oil has declined because Middle East oil producers have deepened production cuts, South Korea's domestic crude oil demand has weakened, and US crude oil imports have not fallen
sharply.
" South Korea is the world's fifth-largest oil importer, typically importing 70 to 80 percent
of total crude oil from the Middle East, mainly from Saudi Arabia, Kuwait and Iraq.
Middle East crude imports fell as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to cut their production by 9.
7 million barrels in May and June, extending the cuts until the end of
July.
Meanwhile, the share of crude oil imports from the Americas, including U.
S.
and Mexican crude, grew to a record 19.
6 percent
in the first half of the year.
Lee Dal-seok said that looking ahead, the share of Middle East crude oil imports is expected to increase to about
70 percent in the second half of the year due to lower U.
S.
crude production and improved fuel demand.
From January to June, Middle Eastern crude oil will share South Korea's crude imports at its lowest level in more than three decades, reflecting further production cuts by Middle Eastern oil producers amid the coronavirus outbreak
.
Reuters calculated that 67.
0 percent of the country's total crude imports from January to June were expected to come from the Middle East, or 1.
91 million barrels per day, down from 72.
8 percent a year earlier, which would be the country's lowest share of first-half Middle Eastern crude oil since 1988, when Middle Eastern producers met 62.
1 percent
of South Korea's total crude demand, Reuters calculated.
Lee Dal-seok, a senior fellow at KEEI, Korea Energy Economics Research Institute, said: "The share of Middle Eastern crude oil has declined because Middle East oil producers have deepened production cuts, South Korea's domestic crude oil demand has weakened, and US crude oil imports have not fallen
sharply.
" South Korea is the world's fifth-largest oil importer, typically importing 70 to 80 percent
of total crude oil from the Middle East, mainly from Saudi Arabia, Kuwait and Iraq.
Middle East crude imports fell as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to cut their production by 9.
7 million barrels in May and June, extending the cuts until the end of
July.
Meanwhile, the share of crude oil imports from the Americas, including U.
S.
and Mexican crude, grew to a record 19.
6 percent
in the first half of the year.
Lee Dal-seok said that looking ahead, the share of Middle East crude oil imports is expected to increase to about
70 percent in the second half of the year due to lower U.
S.
crude production and improved fuel demand.
