South Korea's crude oil imports from Saudi Arabia fall below 30% for the first time in five years

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Summary · why it matters

South Korea reported that the share of crude oil imported from Saudi Arabia fell below 30% of total crude imports in the first eight months of this year. Data from Korea National Oil Corporation and the Korea Petroleum Association showed that Saudi crude accounted for 29.9% of total imports in the January-to-August period, down from 30.91% in January to July. Although Saudi Arabia remains South Korea's largest source of crude oil imports, this marks the first time in five years that the share has dropped below 30%. The last such occurrence was in 2021, a period when global crude supply was disrupted amid Middle East tensions and the COVID-19 pandemic. Industry experts warn that if the downward trend continues, Saudi Arabia's share of South Korea's crude imports could fall to third place or lower this year, and may even drop below the record low set in 1986. Meanwhile, South Korean refineries have increased crude imports from other regions, especially the United States, which accounted for 20.12% of total crude imports in the January-to-August period, after that share exceeded 20% for the first time on a cumulative basis in the January-to-April period.

Impact on assets 2

Others▼ · 2 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeDemandrelevance

South Korea's falling Saudi crude share and rising US imports point to shifting global crude demand flows that weigh on Brent.

⛏Crude Oil WTI Futures
WTI
▼ NegativeDemandrelevance

South Korea, a major crude buyer, is shifting imports away from Saudi crude toward other sources, signaling softer demand for Middle East crude that pressures WTI-linked market sentiment.

Off-coverage companies 1

Korea National Oil CorporationPrivate± Mixed
relevance

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