Saudi, Iran, Kuwait All Hike Korea Crude Shipments In Market Share Tussle

• South Korean crude and condensate imports from the Middle East hit an all-time high of 2.53mn b/d in the third quarter this year as the country’s top two suppliers, Saudi Arabia and Kuwait, competed fiercely for market share with a resurgent Iran.

• Volumes from Iran have soared since international sanctions were lifted in January this year. They hit 293,000 b/d in Q3, the highest quarterly total since 2008; for September they rose to a record monthly figure of 361,000 b/d. Recent shipments have included substantial volumes of condensate as well as crude.

• But Saudi Arabia remains well out in front as number one supplier: the Q3 average of 901,000 b/d, 31.5% of total Korean imports, is up by 147,000 b/d on the same period a year earlier. (CONTINUED - 332 WORDS)


table South Korea Crude Oil & Condensate Imports, ‘000 B/D