(MENAFN) South Korea is gradually and progressively bringing in African crude oil, as its prices have become more attractive due to competition with shale gas, according to the latest reports.
Specifically, the world's 4th largest economy shipped in a total of 9.6 million barrels of African crude oil and "condensate," a type of ultra-light crude, in the first quarter of this year.
Annual imports of African oil have been on a steady rise in recent years, growing to 25.3mn barrels in 2014 and 26.69mn barrels in 2015 after bottoming out at 2.77mn barrels in 2011.
Basically, South Korea has stepped up efforts to diversify its oil inbound shipments amid repeated geopolitical crises in the Middle East and in search of high-quality crude.
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