Kuwait Doubles Crude Oil Exports to S. Korea

Source: KUNA 8/24/2011, Location: Middle East

Kuwait's crude oil exports to South Korea doubled in July from a year earlier to 10.62 million barrels, or 343,000 barrels per day (bpd), according to latest data released by the state-run Korea National Oil Corporation (KNOC). As the second-biggest crude supplier to the country, Kuwait provided 13.6 percent of South Korea's total crude oil imports, compared to a 7.7 percent share in the same month of 2010.

Overall South Korea's crude oil imports in July rose 13.5 percent year-on-year to 78.29 million barrels, or 2.53 million bpd. South Korea, with its heavy industrial base, is the world's fifth-biggest oil importer. Saudi Arabia was its top crude supplier, with imports from the kingdom rising 6.9 percent from a year earlier to 842,000 bpd. The United Arab Emirates became third, though its shipments fell 13.7 percent to 262,000 bpd. Iran ranked fourth with 238,000 bpd, up 60.6 percent, followed by Qatar with 230,000 bpd, up 47.8 percent.


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