Yeosu refining complex
South Korea doubles down on Saudi crude
Seoul dabbles with Russian and US crude but Middle East remains primary source
Relations between South Korea and Saudi Arabia have continued to strengthen, and this is clearly reflected in the record crude flows from the Opec behemoth to the Asian economic powerhouse. Back in November 2022, Seoul and Riyadh pledged stronger ties on energy, defence and construction, as the Saudis signed $30bn of investment agreements with South Korean firms. Meanwhile, Saudi Arabia’s key oil grades have become a bigger part of the Korean diet despite the perceived importance of diversification and the lure of cheap Russian barrels that neighbours such as China and India have been snapping up. 41pc – Saudi portion of April’s imports Saudi crude accounted for 1mn bl/d, or 41pc,
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