Saudi Arabia Still S. Korea's Top Oil Supplier

South Korea's crude imports in July went up 5.5% year on year to 68.96 million barrels (2.22 million bpd) despite a marginal rise in demand and crude throughput and a drop in exports, data released this week by state-run Korea National Oil Corporation showed. Crude imports were up 2% from June's 67.61 million barrels. The South Koreans paid an average US$75.37 a barrel on a CIF basis for their crude imports in July, compared with US$68.71 a barrel in July 2009 and US$77.30 a barrel in June this year. The Middle East supplied 52.82 million barrels of crude oil to South Korea, accounting for 76.6% of its total imports. Asia supplied 15.46 million barrels, accounting for 22.4%, with the rest coming from Africa.

Saudi Arabia was South Korea's top crude supplier at 24.41 million barrels, followed by the United Arab Emirates (9.39 million barrels); Kuwait (5.29 million barrels); Qatar (4.83 million barrels); and Iran (4.59 million barrels). South Korea's oil demand rose marginally by 0.24% year on year in July to 61.32 million barrels, KNOC's data showed. Demand was down 2.16% from June's 62.67 million barrels. - Zawya