Iraq ranks 5th as S.Korea's largest crude oil supplier in February

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Iraq ranks 5th as S.Korea's largest crude oil supplier in February

EconomyIraqBreakingOil

2024-03-28 03:48

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Shafaq News / The Korean National Oil Corporation (KNOC) reported, on Thursday, that Iraq emerged as the fifth-largest source of crude oil during February.

KNOC stated that Saudi Arabia topped South Korea's list of oil suppliers last month, exporting 25.390 million barrels, followed by the US with 13.626 million barrels, the United Arab Emirates with 11.110 million barrels, and Kuwait with 10.873 million barrels.

The statement added that "Iraq ranked fifth as South Korea's largest oil supplier for February, with a total of 8.419 million barrels, up 13.13% compared to Febreuary 2023’s 7.429 million barrels. This also represents a 7.2% surge from the preceding month when exports reached 7.851 million barrels."

According to the company's statement, "South Korea suspended the purchase of Kazakhstani crude oil blend, with no third-largest crude importer in Asia receiving any shipment of the product from Central Asia in February." 

"Major local refining companies found logistics services for purchasing light crude oil to be excessively costly and inefficient amidst ongoing maritime safety concerns in the Red Sea and the industry."

Notably, Iraq and South Korea share a significant relationship in oil trade, marked by mutual economic interests and strategic cooperation. 

South Korea is a major importer of Iraqi crude oil, vital for meeting its energy demands and driving industrial growth. 

The two countries have established trade agreements and long-term contracts governing oil imports, with South Korea seeking to diversify its energy sources to ensure security. 

South Korean companies have invested in Iraq's oil sector, contributing to infrastructure projects and technological advancements. 

Despite challenges such as geopolitical instability and market fluctuations, both nations continue to explore opportunities for collaboration, exchanging technical expertise and fostering innovation in the oil industry.