South Korea’s October product exports rise 16% to 21-month high

27 Nov 2014   South Korea

South Korea’s exports of refined oil products rose 16% year on year by volume in October, the biggest increase in 21 months. However, many of the sales were done on a spot basis, at lower prices than in previous months, as the country’s refiners drew down their inventories and as lower margins and refinery runs in China saw the country import more products from South Korea, industry sources said Thursday, November 26. The 16% rise — the biggest since January 2013’s 18.7% year-on-year increase — saw South Korea’s product exports reach 41.34 million barrels in October, or an average 1.33 million b/d, up from 35.64 million barrels a year earlier, according to data released earlier this week by state owned Korea National Oil Corp. The October total was also up 7.7% from 38.38 million barrels in September, and marked the fourth consecutive month of […]

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