25-05-2016

S.Korea’s crude oil imports from Iran up 113.5 pct y/y in April

crude

South Korea’s crude oil imports from Iran rose 113.5 percent in April from a year earlier, while its total crude oil imports rose 9.1 percent year on year to 89.7 million barrels last month, data from state-run Korea National Oil Corp (KNOC) showed on Tuesday.

For earlier story on South Korea’s Iranian crude oil imports in April, based upon the country’s customs data:

                             (in 1,000 barrels unless specified)
                            April 2016  March 2016   April 2015
 Crude oil imports              89,702      85,905       78,391
 (1,000 b/d)                     2,990       2,771        2,613
 Oil product demand             69,797      75,322       68,980
 (1,000 b/d)                     2,327       2,430        2,299
 Crude runs                     85,003      89,078       78,315
 Oil product output             90,400      97,185       87,081
 (1,000 b/d)                     3,013       3,135        2,903
 End-month private oil          94,918      94,083       76,650
 stocks                                             
 Crude oil stocks               35,432      30,837       24,038
 Oil product stocks             51,767      54,708       45,806
 Oil product exports            42,120      40,319       34,108
 Oil product imports            25,752      26,842       23,385
 Operation Rate(%)                92.9        94.2         85.6

* Note: Crude oil stocks and oil product stocks do not add up to total end-month oil stocks because the total volume also  includes byproducts obtained from initial refining, which are  used to make premium oil products.

Details of the top crude exporters to South Korea in April compared with both a month and a year earlier are as follows:

 Country              April 2016  March 2016  April 2015
 Saudi Arabia             31,007      23,459      29,010
 Kuwait                    9,881      12,935      10,138
 Qatar                     6,947       6,989      11,600
 Iran                      7,114       8,198       3,781
 U.A.E                     6,324       6,538       5,738

Details of the top crude exporters to South Korea in January-April compared with those of 2016 and 2015 are as follows:

 Country             Jan-April 2016  Jan-April 2015
 Saudi Arabia               104,888         107,144
 Kuwait                      47,295          46,363
 Qatar                       30,890          40,198
 Iran                        29,963          14,033
 U.A.E                       26,662          32,765

Source: Reuters 

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