Japanese and South Korean refiners have increased oil purchases from Russia, eroding the dominance of Middle Eastern suppliers and electing for a more competitive crude source that is three weeks closer by ship. While Russian exports have surged over the last 6 months, the Middle East remains dominant, with total Middle East output in June around 19.9 million barrels, while Russia’s output was 10.3 million barrels, peaking at 330,000 barrels a day in June.
As per reports by the state run Korea National Oil Corporation, South Korea’s dependence on Middle Eastern crude oil edged up 1.4% to 83.1% in the first 4 months of 2009 compared with the same period in 2008. For full story, click here
Crude oil slipped on speculation OPEC ministers won’t cut output at their May 28 meeting and as the U.S. dollar gained after North Korea held a nuclear test. For full story, click here
Korea may lose a chance to secure rights to explore oil fields in the southern region of Iraq as the government of the war-torn country excluded Korea from the list of bidders for its development projects. For full story, click here
South Korea’s S-Oil Corp declared that it has cut crude runs to 460,000 barrels per day in April from 480,000 bpd in March due to planned maintenance at one of its crude units. For full story, clcik here
South Korean firms announced that they would continue drilling for oil in an autonomous region of Iraq despite a decision by the central government to ban them from taking part in tenders. For full story, click here
South Korea’s SK Energy reported that it will keep crude operation rates steady in April from March after it decided to postpone the shutdown of its No.4 crude unit. For full story, click here
South Korea’s oil product exports dipped last month, down more than two thirds from a record high in July last year, hit by weak demand and low crude oil prices. For full story, click here
Shares in crude refiners fell across the board on Monday in Korea as the won hit a fresh 11-year low against the U.S. dollar. For full story, click here
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
Thursday, July 8, 2010