*South Korea’s crude oil imports were down 155,000 b/d (5.4%) year-on-year at 2.71mn b/d for 1Q 2025 (see chart & table). And the chances of a demand rebound by the world’s number four importer over the remainder of 2025 have been dealt a heavy blow by the trade war unleashed by US President Donald Trump (MEES, 18 April). Whilst the swingeing by-country ‘Liberation Day’ tariffs have been suspended (with the exception of China – MEES, 18 April), Korea’s economy and energy demand will be particularly hit by 25% tariffs on cars and steel which remain in place.