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Korean oil companies plan to diversify import sources

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/05/2017 (11:49)
According to media reports, oil companies in South Korea is planning to diversify their import sources to the US and Russia as they import 80% of the oil from the Middle East. The plan has come after an increase in Dubai crude price following the OPEC’s oil cut decision in November and a possibility of extending the agreement for another six months with an aim to increase energy prices.

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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