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South Korea is considering loosening its crude oil import diversification strategy through at least 2022 due to geopolitical concerns
Import diversification strategy begins to "loosen"
Import diversification strategy begins to "loose" Import diversification strategy begins to "loose"For more than a decade, South Korea, the world's fourth-largest crude oil importer, has been trying to diversify its crude oil supply sources
The latest data from Korea National Oil Corporation showed that in May, South Korea’s crude oil imports from top supplier Saudi Arabia rose 22.
Analysts at the Korea Petroleum Association and feedstock management sources at refineries in Seoul, Daesan and Ulsan said South Korean refineries had been slugged by a decision by the Organization of the Petroleum Exporting Countries and other producers involved in the cuts (OPEC+) to expand production in July and August.
Middle East crude oil is more cost efficient
Middle East crude oil is more cost efficient Middle East crude oil is more cost efficientSouth Korean refinery sources say that while Middle East crude is not the cheapest option for South Korean refiners, South Korea still prefers to buy more crude from the Middle East than from other regions from a logistical and trade economic point of view Spot
"Many of the smaller OPEC producers are trying to raise output to meet production quotas, while South Korean refiners are looking to avoid buying Russian crude altogether," said a crude and condensate trading manager at a major South Korean refiner.
Russian and U.
Russian and U.
According to data from Korea National Oil Corporation, South Korea’s crude oil imports from Russia in May fell 84.
S&P previously quoted feedstock managers at major South Korean refineries as saying that while some Russian crude supplies are still tied to quarterly and semi-annual contracts, South Korea will eventually stop buying Russian crude as many companies look to avoid trade, logistical, legal and financial concerns.
A sweet crude trading manager at a major South Korean refiner said a large amount of crude could be imported from the U.
South Korea’s crude oil imports from the U.
