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South Korea 2023 Crude Imports: Saudi Dominant, UAE Biggest Gainer
...*South Korea, the world’s number four crude importer after China, the US and India, imported 2.73mn b/d for 2023, down 3% year on year and 300,000 b/d below the record 3.03mn b/d set in 2017. *Saudi Arabia remained clear number one supplier with 955,000 b/d for a 35% market share de...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
South Korea Crude Imports: Saudi Up 23% To Record 995,000 B/D For 2023
...*South Korea, the world’s number four crude importer behind China, the US and India, saw volumes rise 7% to 2.81mn b/d for 2022, a three year high but 220,000 b/d shy of the record 3.03mn b/d set in 2017 (see table). *With volumes from Russia – 2021’s number five supplier with 15...
Volume: 66Issue: 03Published at Fri, 20 Jan 2023 -
Aramco Trading Launches American Subsidiary
...ade fuels and base oils,” Aramco says. The ‘Port Arthur’ refinery has been wholly owned by Aramco since it paid $2.2bn to Shell to acquire the major’s 50% stake in the facility in May 2017 (MEES, 10 March 2017). Under the deal signed in March 2017, the 50:50 Motiva JV was broken up, with Aramco ge...
Volume: 66Issue: 03Published at Fri, 20 Jan 2023 -
IEA Slashes Demand Outlook Amid Tighter Global Restrictions
...oduction. Again, these downgrades have been frontloaded (see chart 3). DEMAND FOR OPEC CRUDE The IEA sees the Call on Opec averaging 27.70mn b/d for 2021, up 4.8mn b/d on the 2020 level. As recently as 2017 it was 32mn b/d. And while the call doesn’t equate to actual demand for Opec cr...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Korea 2019 Crude Imports: Gulf Down As Usa Soars
...th 387,000 b/d as recently as 2017, have been zero every month since May when US sanctions ‘waivers’ expired (MEES, 28 June). *The Saudi slump in volumes comes despite Aramco last year taking 17% in Hyundai Oilbank, which operates the 650,000 b/d Daesan refinery south of Seoul (MEES, 20 De...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
IEA Points To Marathon Task Of Rebalancing Market
...growing rapidly, but Opec’s share of it is declining even more quickly. Opec’s own numbers show that the group is slated to supply just 30.8% of global demand in 2019 down sharply from 33.8% in 2017. Opec expects non-Opec production to grow by a massive 2.1mn b/d in 2019 – still less than 20...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Assessing Opec’s Five Year Average Inventory Target
...B/D) 2016 2017 vs 16 2018 vs 17 1Q17 2Q17 3Q...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
IEA, Opec Bring Forward Projected Market Rebalancing
...The IEA and Opec are both confident that the oil production curbs agreed upon at the end of last year are hastening the rebalancing of supply and demand. In their latest monthly reports, both organizations see sizeable stock drawdowns in 2017, although they differ considerably on the extent an...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017