*Despite much lower infection and mortality rates than key Western countries, Asian countries have been far from immune to the economic impact of the Covid-19 pandemic. South Korea saw crude and condensate import volumes fall 9% to a six year low of 2.66mn b/d for 2020 (see table). Korea is also a key regional refining hub and as such in normal times a significant net exporter of oil products, so the slump in Korean crude imports also reflects the broader regional collapse in oil demand.
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
Mideast producers have been losing market share in Asia’s number three market Korea, and number five Taiwan, the first two to report 2020 data. Both countries saw imports of crude and condensate slump to multi-year lows. Volumes from key Mideast suppliers are down even further as import-diversification efforts that predate Covid continued in spite of the pandemic. Saudi Arabia notched up record volumes in Korea, however.
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Tables
South Korea 2020 Crude Imports (‘000 B/D): Mideast Share Falls To Record Low
Taiwan 2020 Crude Imports (‘000 B/D): Mideast Share At Nine-Year Low As Overall Volumes Slump
Charts
1: Korea Crude Imports ('000 B/D): Overall Volumes Slump But Mideast Down Much Further....
2: ...To Below 70% Of Korea’s Total Imports For The First Time In Decades Despite Saudi Uptick (%)
3: For Taiwan Volumes Have Fallen Yet Further With Even Saudi Arabia At A Multi-Decade Low ('000 B/D)
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