South Korea's oil exports to decline in second half

October 1, 2009

According to South Korea’s Ministry of Knowledge, worsening refining margins and lower operating rates will result in a 43% decline in the value of South Korea’s oil product exports in the second half, from US$18.81 billion to US$10.67 billion. In terms of volume, oil products are expected to fall by almost 13% to 162.47 million barrels from 186.58 million barrels, it said. The ministry predicted that competition will grow from India, China and Vietnam, which have developed new refining capacities. (July 26, 2009)

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