Unexpected rise in petroleum exports

South Korea’s January and February petroleum product export volume was 17% higher than the first two months of last year, official data showed. According to the Korea National Oil Corp., the country’s top four oil refineries exported 51.57 million barrels during the early months of 2009, up 7.46 million barrels from 2008, an “unexpected” figure as a number of experts forecast that worldwide oil consumption will decrease due to the global slump. SK Energy Co. exported 20.29 million barrels in the first two months of this year, up 45% year on year. Exports of bunker C fuel oil decreased 40%, while those of gasoline and diesel increased nearly 40%, as domestic oil refineries last year expanded facilities that change cheap bunker C oil into expensive gasoline and diesel at low costs, increasing their export price competitiveness. An official at the Korea Petroleum Association said, “Though the volume of exports increased, the money earned decreased approximately 30% since the oil price nearly halved.” (April 4, 2009)