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SOUTH KOREA'S CRUDE OIL IMPORTS FALL TO FIVE-YEAR LOW.
SEOUL, Aug 1 Asia Pulse - South Korea's crude oil imports in the first half declined to their lowest mark in five years due to a steep contraction in domestic energy demand, a government agency reported Friday.
The Korea National Oil Corp. (KNOC) said crude petroleum imports in the first six months amounted to merely 391 million barrels, the lowest figure since a half-year volume of 291 million barrels in 1998. The corresponding figures for 2001 and 2002 were 457 million and 405 million, respectively. One barrel is equivalent to about 160 liters.
"The sharp drop in oil imports is attributed to a number of factors, including the Iraq war, a protracted slump in domestic consumption and the ...
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Source: HighBeam Research, SOUTH KOREA'S CRUDE OIL IMPORTS FALL TO FIVE-YEAR LOW.