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SOUTH KOREA'S CRUDE IMPORTS TO RISE 3.1 PCT THIS YEAR: REPORT.
SEOUL, June 2 Asia Pulse - South Korea's imports of crude oil are expected to increase slightly over 3 per cent this year amid soaring prices, becoming a big burden to the non-oil producing economy, a report showed Sunday.
The Korea International Trade Association (KITA) said in the report that Asia's fourth-largest economy is likely to import 900 million barrels of crude this year, up 3.1 per cent from 873 million barrels in 2007.
The average import price is predicted to reach US$97 per barrel this year, up a whopping 42.4 per cent from the previous year, according to the report.
The relatively low full-year import price is due to South Korea's heavy dependence on crude from the Middle East, whose price increases were not so high early this year, it said. South Korea imports about ...
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