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South Korea Shunning Russian Oil

OIL

South Korea imported 695,859 bbls of crude from Russia in May, down 84.3% from 4.44 mn bbls imported a year earlier, data from Korea Customs Service showed this week.

  • May shipments marked the lowest monthly Russian crude imports since November 2006.
  • South Korean importers still have term contracts for Russian crude but they are being wound down.
  • South Korea's overall crude oil imports in May fell 1.8% year on year to 79.51 million barrels, or 2.56 million b/d.
  • Over January-May, South Korea's crude imports were up 9.5% year on year at 425.03 million barrels.
  • Crude imports from top supplier Saudi Arabia, except shipments from the Saudi-Kuwaiti Neutral Zone, jumped 33.5% year on year to 30.74 million barrels in May.
  • South Korea's US crude imports in May were flat year on year at 9.294 million barrels.


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South Korea imported 695,859 bbls of crude from Russia in May, down 84.3% from 4.44 mn bbls imported a year earlier, data from Korea Customs Service showed this week.

  • May shipments marked the lowest monthly Russian crude imports since November 2006.
  • South Korean importers still have term contracts for Russian crude but they are being wound down.
  • South Korea's overall crude oil imports in May fell 1.8% year on year to 79.51 million barrels, or 2.56 million b/d.
  • Over January-May, South Korea's crude imports were up 9.5% year on year at 425.03 million barrels.
  • Crude imports from top supplier Saudi Arabia, except shipments from the Saudi-Kuwaiti Neutral Zone, jumped 33.5% year on year to 30.74 million barrels in May.
  • South Korea's US crude imports in May were flat year on year at 9.294 million barrels.