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South Korea Ramps Up US Crude Imports in March

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South Korea for the second straight month reduced Saudi Arabian crude oil imports and boosted US cargoes instead amid better economics, sources told S&P Commodity Insights.

  • South Korea imported 28.061mn barrels of crude oil from Saudi Arabia in March, down by 12.3% on the year.
  • US crude oil imports – mostly light sweet grades incl WTI Midland – increased by 17.6% on the year to 12.26mn barrels, KNOC data showed.
  • Refiners paid on average $85.25/bbl for Saudi Arabian crude shipments in March, $1.55/bbl above costs for US crude imports, KNOC data showed.
  • The import cost comparison flipped earlier this year partly driven by higher logistical costs for Saudi Arabian barrels due to Red Sea tensions, sources said.
  • "[Persian Gulf-Asia] VLCC availability is good actually, but insurance fees and other security-related costs have surged, adding to the overall cost of delivery, another source said.

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South Korea for the second straight month reduced Saudi Arabian crude oil imports and boosted US cargoes instead amid better economics, sources told S&P Commodity Insights.

  • South Korea imported 28.061mn barrels of crude oil from Saudi Arabia in March, down by 12.3% on the year.
  • US crude oil imports – mostly light sweet grades incl WTI Midland – increased by 17.6% on the year to 12.26mn barrels, KNOC data showed.
  • Refiners paid on average $85.25/bbl for Saudi Arabian crude shipments in March, $1.55/bbl above costs for US crude imports, KNOC data showed.
  • The import cost comparison flipped earlier this year partly driven by higher logistical costs for Saudi Arabian barrels due to Red Sea tensions, sources said.
  • "[Persian Gulf-Asia] VLCC availability is good actually, but insurance fees and other security-related costs have surged, adding to the overall cost of delivery, another source said.