Korean oil companies plan to diversify import sources
SK Innovation purchased one million barrels of Ural crude from Lukoil two months ago while Hyundai Oilbank signed a contract with Shell in order to import two million barrels from the Gulf of Mexico, the reports revealed.
This move of the South Korean companies is argued to cause a change in the global supply-demand dynamics, paving the way for Saudi Arabia to lower its official crude selling price to Asia recently from the previous month.
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