Saudi crude share of S. Korea's imports falls below 30% for 1st time in 5 years
Saudi Arabian crude oil accounted for less than 30 percent of South Korea's crude imports this year, industry data showed Monday, amid efforts by local refiners to diversify their sources of crude following geopolitical risks in the Middle East. According to the data from the Korea National Oil Corp. and the Korea Petroleum Association, Saudi crude accounted for 29.9 percent of the country's…
For the first time in five years, Saudi crude oil's share in South Korea's crude imports has fallen below 30%, according to industry data released on Monday. This shift comes as local refiners strive to diversify their sources of crude due to geopolitical risks in the Middle East. The Korea National Oil Corp. and the Korea Petroleum Association revealed that Saudi crude accounted for 29.9% of the country's total crude imports in the first eight months of the year, down from 30.91% in the previous month.
This marks a significant milestone, as Saudi Arabia has traditionally been South Korea's largest supplier of crude oil. The last time Saudi crude's share dipped below the 30% threshold was back in 2021, during a period of heightened tensions in the Middle East, global crude oil supply disruptions, and the COVID-19 pandemic. If this downward trend continues, Saudi Arabia's share could potentially drop to third place or even lower this year, possibly surpassing its previous low of 1986, according to industry officials.
The decline is seen as indicative of South Korean refiners' active efforts to reduce their dependency on a single source of crude oil.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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