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S. Korea to decrease crude oil imports from ME

20 Nov 2014

(MENAFN) South Korea cut its heavy dependence on crude oil from the Middle East to increase cheaper imports from Africa and other regions as major oil refiners are struggling with tight cracking margins, QNA reported.

The joint oil imports by the nation’s four largest refiners totaled 618.59 million barrels in the January-September period, down 5.2 percent from a year ago, local media reported.

Imports of light crude produced in the Middle East grew 6.7 percent annually to 533 million barrels, though it still maintained predominant market share in South Korea.

Purchase of African heavy crude increased 329.7 percent to 9.25 million barrels during the period, and 5.38 million barrels of crude were also imported from Latin America.

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