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KN:S. Korea''s oil dependence on Mideast slighly up
 
TOKYO, June 22 (KUNA) -- South Korea's dependence on Middle Eastern crude oil stood at 84.3 percent in the first four months of this year, edged up 0.2 percent from the same period last year, according to latest data released by the state-run Korea National Oil Corporation (KNOC).
Overall South Korea's crude oil imports in the January-April period rose 12.
0 percent year-on-year to 311.1 million barrels, or 2.59 million barrels per day (bpd), fueled by the increasing exports and production, the KNOC said. "Asia accounted for 14.4 percent, down 0.1 percent, while those from Africa were none," it said. In April alone, the nation imported 76.0 million barrels (2.53 million bpd), up 8.2 percent on the year.
South Korea, with its heavy industrial base, is the world's fifth-biggest oil importer.
The state-run Kuwait Petroleum Corporation said late April that Kuwait markets daily crude oil ranging between 2.2 and 2.3 million barrel of crude oil, of which 80 percent oil goes to Asian economies, including South Korea, Taiwan, Japan, China and India.
The average unit price of South Korea's crude imports in the January-April period soared USD 23.6 per barrel from a year earlier to USD 101.7 a barrel. "The average Dubai crude price continued on an upward trend, influenced by unrest in the Middle East and North Africa," the KNOC said. After exceeding USD 100 a barrel on Feb. 21, the Dubai price hit USD 119.23 a barrel on April 28, the highest price since Sept. 2008. The amount of crude imports recorded USD 31.63 billion, up 45.8 percent year-on-year. (end) mk.nfm KUNA 221005 Jun 11NNNN
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