*South Korea’s crude imports from the UAE surged by 41% to 418,000 b/d for 1H 2024, putting this year on track for the highest annual figure since 2008’s 433,000 b/d. On a quarterly basis, Q2’s 425,000 b/d was also a 16-year high topping the 410,000 b/d marker set in Q1 (MEES, 19 April). April’s 570,000 b/d was a 21-year high on a monthly basis (MEES, 17 May).
*Korea’s overall crude imports were up 1.5% at 2.82mn b/d for 1H 2024, putting 2024 on track for the highest annual figure since 2019, albeit some 210,000 b/d below the record annual figure of 3.03mn b/d set in 2017. South Korea is the world’s number four crude importer behind China, the USA and India, and as such represents a key element of global demand. Demand in China, the key growth engine of recent years, is spluttering (MEES, 19 July). (CONTINUED - 381 WORDS)
