South Korea imports of Saudi and US oil fall in August

South Korea’s imports of Saudi and American Oil recorded a noticeable decline during August (2023), affected by the decline in most economic indicators in the country, which was clearly reflected in the decline in oil demand forecasts.

The slowdown in demand for transport fuel in the Asian country, with continued high inflation rates and the weakening of the Korean local currency (won), affects consumer spending, while the outlook for fuel demand in industrial activity looks bleak-too – in light of the suffering of the manufacturing, financial and construction sectors in the country, according to informed sources, followed by the specialized energy platform.

In this context, South Korea’s oil imports fell by 22.3% from a year earlier, as oil refineries received fewer shipments from Saudi Arabia and the United States, amid growing fears that weak consumer appetite and fragile economic activity will put additional pressure on domestic demand.

South Korea’s oil imports amounted to 75.33 million barrels, or the equivalent of 2.43 million barrels per day in August (2023), compared to 96.92 million barrels imported by the world’s fourth largest oil buyer, in the same period last year.

South Korea’s oil imports in August (2023) are the smallest in 14 months since Seoul imported 74.06 million barrels in June (2022).