Baghdad – Korean National Oil Company Report
The Korean National Oil Company reported today that Iraq ranked as the third-largest supplier of crude oil to South Korea in December.
The company indicated in its statement that South Korea observed a record level of imports from American crude sources in 2024, and local refineries are planning to secure additional barrels from North America throughout 2025. This strategic move aims to bolster raw material economies amidst a notable increase in crude price dynamics in the Middle East.
According to the data released by the Korean National Oil Company, Saudi Arabia emerged as the foremost supplier to South Korea last month, exporting 31.664 million barrels, followed by the United States in second place with 12.143 million barrels.
In this context, Iraq’s exports reached 9.319 million barrels, marking a significant increase of 19.4% compared to October figures.
Iraq Rises to Third Largest Crude Oil Supplier for South Korea, Boosting Exports by 19.4%
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