Tuesday, 17 October 2017 08:08 GMT
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S. Korea Less Dependent on Iraq Crude Oil Imports

(MENAFN - Qatar News Agency) Oul june 26 (qna) - south korea's oil imports from iraq sharply decreased this year even before the key crude producer's recent crisis data showed thursday leaving the nation less vulnerable to the escalating tension in iraq.

according to the korea international trade association (kita) south korea bought us$2.98 billion worth of crude oil worth from iraq from january to may down 31.1% from the same period a year earlier.

data showed that the ratio of iraq's crude oil to total imports fell to 7.3% in the first five months of this year from 9.3% last year making iraq the fifth-largest source of oil imports according to south korea's (yonhap) news agency.

oil imports from iran and russia both of whom are under international sanctions also declined by 16.3% and 22.8% respectively.

in contrast the amount of london's brent crude imports rose 27.6% to $2.07 billion in the january-may period raising its ranking by two spots to sixth.

the state-run korea national oil corporation in december bought 2 million barrels of brent crude after its british subsidiary dana petroleum made a crude oil discovery in the north sea. (qna)


S. Korea Less Dependent on Iraq Crude Oil Imports