South Korea’s imports of US crude oil are estimated to have to surpassed 120 million barrels in 2021, and the country is expected to maintain its top Asian US crude buyer status in 2022 as local refiners greatly favor North American feedstocks due to uncertainties over OPEC supply and attractive procurement costs. The country’s major .
South Korea’s crude oil imports in November rose 14.2% from a year earlier, as local refiners raised crude throughput to meet improved consumer fuel demand, but spot crude cargo purchases for Q1 2022 could slip if Seoul reimposes COVID-19 restrictions for a prolonged period of time, refining industry and trading participants said Dec. 21. The .
1. Oil product cracks see support from demand, run cuts and low stocks What’s happening? Tighter fundamentals are supporting gasoline and diesel cracks in major hubs. Gasoline inventories are low in the Atlantic Basin, while distillate stocks are below average in all major hubs as heating season approaches in the northern hemisphere. Current backwardation in .
South Korean and Japanese refiners are increasingly attracted to Iraqi crude oil as official selling prices for Basrah crudes fell to steep discounts against other Persian Gulf grades, prompting the Northeast Asian end-users to pick up additional Iraqi barrels to cater to their rising refinery run rates and winter fuel requirements. Iraq’s State Oil Marketing .
Iraq’s State Oil Marketing Organization has asked customers to provide their 2022 term crude requirements for three crudes, excluding Basrah Light, according to Iraqi sources and traders, as the marketer focuses on its more popular Basrah grades. Customers were asked to submit their requirements for Basrah Medium, Basrah Heavy and Kirkuk by Oct. 30. “Basrah .