South Korea imported a five-year low 1.94mn b/d from the Middle East in May. The region’s share of the Korean market fell from 86% for 2016 to just 74.4% last year as Korea offered tax breaks on non-Mideast supplies in a bid to diversify crude sourcing. At an average of 73.6% for the first five months of 2019 the share is down again on 2018’s record low.
Saudi Arabia is Korea’s clear number one supplier, with 799,000 b/d of total 2.70mn b/d May imports. Kuwait, with 461,000 b/d, edged out Iraq for number two spot. (CONTINUED - 309 WORDS)