Saudi crude share of S. Korea's imports falls below 30 pct for 1st time in 5 yrs
SEOUL, Oct. 5 (Yonhap) -- Saudi Arabian crude oil accounted for less than 30 per...
Saudi crude oil's share of South Korea's crude imports fell below 30 percent for the first time in five years, according to industry data released on Monday. In the January-August period, Saudi crude accounted for 29.9 percent of the country's total crude oil imports, down from 30.91 percent in the previous month. This decline reflects efforts by local refiners to diversify their crude oil sources and reduce their reliance on Middle Eastern crude due to growing geopolitical risks in the region.
If this downward trend continues, Saudi Arabia's share could potentially fall to third place or lower this year, surpassing the previous low recorded in 1986.
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