Kuwait remains Korea’s crude oil supplier

Kuwait remained South Korea’s number-two crude oil supplier in January, with its shipments to the country exceeding 300,000 barrels per day (bpd) for the third straight month, according to latest data released on Friday by Korea National Oil Corporation. Kuwait’s crude oil exports to South Korea last month fell 6.8 percent from a year earlier to 10.32 million barrels, or 333,000 bpd, providing 12.6 percent of its total crude oil imports, compared to a 13.9 percent share the year before. Overall South Korea’s crude oil imports in January increased 2.8 percent year-on-year to 81.71 million barrels (2.64 million bpd). South Korea, with its heavy industrial base, is the world’s fifth-biggest oil importer, according to the data carried by KUNA. Saudi Arabia was its top crude supplier, although shipments from the kingdom edged down 0.2 percent from a year earlier to 809,000 bpd. The United Arab Emirates ranked third with 249,000 bpd.