Free Trial

South Korea Gasoline Supply to Indonesia Falls on Weak Demand

OIL PRODUCTS

South Korea gasoline supplies to Indonesia may remain below 1mbbls in Q2 compared to average quarterly supplies of 1.9mbbls in 2022 according to S&P Global sources.

  • Gasoline sales in Indonesia have been slower than expected, despite March and April being a peak demand season due to Ramadan and Eid al-Fitr celebrations.
  • Oil product imports from South Korea and Singapore have been limited by lower household and private spending due to high consumer prices and the US dollar strength relative to East Asian currencies.
  • Indonesia is Southeast Asia's biggest oil consuming nation and is expected to import 9.5m-10.5mbbls of gasoline in May, down from an estimated 12mbbls in April.
  • Pertamina has delayed the purchase of a few gasoline cargoes to June amid high inventories and slower-than-expected domestic demand.


Source: S&P Global

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.