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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korea’s crude oil imports rise in Q1

  • PUBLISHED :May 29, 2017 - 11:18
  • UPDATED :May 29, 2017 - 11:18
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[THE INVESTOR] Korea’s imports of crude oil continued to rise in the first quarter of 2017 from a year earlier, government data showed on May 29.

The combined inbound purchase of crude oil reached 278.18 million barrels in the first three months, up 4.9 percent on-year, according to the Ministry of Trade, Industry and Energy.

The import of petroleum products, however, fell 4.2 percent on-year to 78 million barrels in the cited period.

A hike in Iranian crude imports led the increase, as South Korea purchased 46.7 million barrels of oil from the Middle East country over the three-month period, surging 104.5 percent from a year earlier.

As a result, Iran became the second biggest oil exporter to Korea at the end of March, following Saudi Arabia.

Meanwhile, Korea’s export of oil products amounted to 126.9 million barrels through March, up 8.7 percent from a year ago, on the back of an increase in the shipments to Asia and the US.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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