KNOC Underscores Decrease in Korea's Crude Oil Imports

The Korea National Oil Corporation noted that crude oil imports in the 1st half 2008 were 434.1 million barrels, 1.2 percent decrease compared with the same period last year, owing to the domestic consumption decrease by record high oil prices.

Whereas the imports from Asia including Russia decreased, those from Middle East countries including Qatar and Oman increased. Thus the dependence on the Middle East turned up by 6.2 year on year percent point to 85.0 percent. The volume imported per day was 2,385 thousand.

Crude imports in June marked 4.5 percent decrease compared with the same month last year on account of the shut down for routine maintenance of SK Energy and Hyundai Oilbank.

The average unit price of crude imports(on CIF basis) in the 1st half 2008 recorded 102.35$/bbl, 41.10 dollar gains compared with the same period last year.

In the 1st half, the international oil price (based on Dubai crude) maintained a strong upward trend due to the US' stronger gasoline market, geopolitical problems in Nigeria and Iran and so forth. Thus, Korea's average unit price of crude imports also gained.

The amount of crude imports recorded 44,425 million dollars, 65.1 percent increase year on year, as the average unit price rose.

June's unit price reached a record high, up 56.67$/bbl year on year.