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South Korean oil prices are still expected to remain higher

 Last Update: 2023-03-08
 Source: Internet
 Author: User

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The current situation in Russia and Ukraine has led to a surge
in international energy prices.
In South Korea, oil, natural gas and other energy sources rely heavily on imports, of which 1/4 of South Korea's crude oil imports come from Russia
.
Considering that the rise in international oil prices is generally reflected in the Korean market after 2-3 weeks, it is expected that domestic oil prices will continue to rise
in the future.
Russia is one of the world's largest natural gas exporters, and South Korea's natural gas is also highly dependent on imports, once the natural gas supply and demand imbalance, it is difficult for South Korea not to raise the cost of urban natural gas that has been frozen for 19 months, and may even drive South Korea's electricity prices to rise
.

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