Korea imported just 2.53mn b/d of crude and condensate in May, a six-year low and a clear indication that even in East Asia oil demand is far from back to normal after the Covid-19 collapse. Average 5M 2020 volumes are down 8% at 2.77mn b/d.
Number one supplier Saudi Arabia bucked the May slump with a 10-month high 922,000 b/d spurred by the record discounts Saudi Aramco offered on April and May-loading crude (MEES, 17 April). Saudi’s May market share of 36.5% was the highest since 2013. (CONTINUED - 85 WORDS)