SEOUL — South Korea's crude oil imports have decreased by 2.5 percent in 2023, amid a downturn in the consumption of petroleum products, according to the latest data.
According to Yonhap News Agency, The Korea National Oil Corp. reported that the country imported approximately 1.01 billion barrels of crude oil last year, a slight drop from 1.03 billion barrels in 2022. The Middle East remains the predominant source, accounting for 71.9 percent of the imports, an increase from 67.4 percent the previous year. This rise in dependency on Middle Eastern oil follows the geopolitical shifts triggered by Russia’s invasion of Ukraine. Additionally, South Korea's imports of petroleum products, including naphtha and liquefied petroleum gas, totaled 372 million barrels in 2023, reflecting the country’s shifting energy consumption patterns.