Oil product consumption in South Korea increased last year on low crude prices, which also boosted oil imports, a government report showed on Monday. Crude oil imports stood at 1.08 billion barrels in 2016, up 5.1 percent from the previous year, according to the Ministry of Trade, Industry and Energy.
Growing imports followed a fall in prices for Dubai crude, South Korea's benchmark, which declined 18.3 percent from a year earlier to 41.41 U.S. dollars per barrel on average in 2016. Oil product consumption in the domestic market reached 922.12 million barrels in 2016, up 7.7 percent from a year ago. The consumption for industrial usage advanced 8.5 percent, with the reading for transport purpose growing 4.8 percent.
Sales in gasoline and diesel reached record highs of 7.8 million barrels and 15.08 million barrels each last year. Oil product imports increased 8.3 percent from 307.88 million barrels in 2015 to 3.33.47 million barrels in 2016. In the cited period, production in oil product rose 3.5 percent from 1.12 billion barrels to 1.16 billion barrels.
Powered by Commodity Insights