Kuwait courts South Korea in the face of drop in crude market share

11 May 2016   Kuwait, South Korea

Kuwait is making a concerted effort to retain its importance as a reliable crude oil supplier to South Korea, where it has seen its market share dip as Korean refiners, spoilt for choice, have picked up more barrels from Iraq and Iran. A high-profile delegation led by Kuwaiti Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah and Deputy Prime Minister and Acting Oil Minister Anas Khalid Al Saleh is in Seoul this week where they met with several South Korean leaders, including President Park Geun-Hye and her energy minister, and chief of the country’s biggest refiner, among others. Kuwait has seen its market share in South Korea’s total crude imports drop to 14% in Q1 2016 from 14.7% in Q1 2015 as Iraq has raised its share to 14.3% from 12.9% and Iran to 8.6% from 4.2% over the same period, data from state-run Korea National Oil Corp. showed. Kuwait […]

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