South Korea is looking to unwind its crude import diversification strategy, at least in 2022, as refiners find taking incremental supplies from major Middle Eastern producers highly efficient in times of tight global supply and surging oil prices, while the country aims to completely phase out Russian crude shipments. The world’s fourth biggest crude importer .
South Korea’s dependence on Middle Eastern crude hit a 25-year low in 2021, latest data from state-run Korea National Oil Corp. showed, reflecting the country’s growing interest in cheap and abundant supplies in the Americas amid tight Persian Gulf production and expensive official selling prices. The world’s fifth biggest crude importer bought 574.4 million barrels .
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Lifting of Iran sanctions to spark fight for oil market share in Asia
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
Updated: 05/07/2021, 5:17 am
A worker passes stores of oil drums and gas flares while working aboard an offshore oil platform in the Persian Gulf s Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran, on Friday, Jan. 6. 2017. Photographer: Ali Mohammadi/Bloomberg