2025-01-29T07:56:08+00:00
Iraq has emerged as the third-largest exporter of crude oil to South Korea for December, according to data released by the Korean National Oil Company. This development underscores Iraq’s growing significance in the global oil market.
The recent statement from the Korean National Oil Company highlighted the record volume of American crude oil imported by South Korea in 2024. Local refineries are strategically planning to continue sourcing barrels from North America throughout 2025 to optimize raw material economies amid a pronounced uptrend in crude prices across the Middle East.
The report specifically noted that Saudi Arabia was the largest source for South Korea in December, exporting 31.664 million barrels. The United States followed closely in second place with exports totaling 12.143 million barrels, showcasing the competitive dynamics of the global oil supply.
Iraq’s exports stood at 9.319 million barrels, reflecting a significant increase of 19.4% from October’s 7.805 million barrels and an 18.2% rise compared to the same month last year, where the figure was 7.884 million barrels. This upward trajectory reinforces Iraq’s critical role in meeting South Korea’s energy demands.
Additionally, the United Arab Emirates occupied the fourth position with 9.018 million barrels exported, while Kuwait rounded out the list in fifth place with 5.794 million barrels. The changing dynamics of oil exports from these nations reveal a noteworthy shift in global trade patterns.