Korean crude imports fell to 2.49mn b/d in March, the lowest since August 2023, as reduced flows from the Middle East following the closure of the Strait of Hormuz weighed on supply. Imports from top supplier Saudi Arabia fell 10% month-on-month to 858,000 b/d. Meanwhile, China, the world’s largest oil importer, also imported sharply lower cargoes from the Gulf last month (MEES, 24 April).
On 15 April, Korean presidential aide and special envoy Kang Hoon-sik said the country had secured 273mn barrels of crude and 2.1mn tons (c.19mn barrels) of naphtha from outside Hormuz for the remainder of the year. The announcement followed visits to Oman, Saudi Arabia, Qatar, and Kazakhstan. (CONTINUED - 197 WORDS)
