*South Korea, the world’s number four crude importer behind China, the USA and India, imported 2.85mn b/d in Q1, putting it close to pre-Covid levels. This was the highest quarterly figure since 1Q 2020’s 2.873mn b/d, although it was still around 200,000 b/d below 1Q 2019 levels – the last comparable pre-Covid quarter.
*Imports were up 5% quarter-on-quarter from 2.72mn b/d and up a massive 15% from the same period last year as the economy continued to bounce back from its Covid-lows. While imports will likely grow further, mounting concerns of a global economic slowdown could dampen the gains. (CONTINUED - 365 WORDS)