* May crude runs at 77.3 mln bbls, up 9.6 pct y/y * May oil product demand at 60.3 mln bbls, down 7.6 pct y/y * End-May private oil stocks at 64.4 mln bbls, down 1.1 pct y/y (Adds details) By Cho Mee-young SEOUL, June 23 (Reuters) - South Korea's crude imports fell 5 percent in May from a year earlier on weak demand for oil products, while the country's crude runs jumped nearly 10 percent thanks to firm refining margins, state-run Korea National Oil Corp (KNOC) said on Thursday. The world's fifth-largest crude buyer imported 72.3 million barrels of crude last month, compared with 76.1 million barrels a year earlier, as domestic oil product demand dropped 7.6 percent year on year to 60.3 million barrels, KNOC said on its website (www.petronet.co.kr). Higher crude prices have forced some consumers in Asia's fourth-largest economy to shift from oil products to alternative resources including natural gas and coal. Korea Customs Service data showed last week that the country's liquefied natural gas (LNG) and coal imports posted double-digit growth in May from year-ago levels. South Korea, heavily dependent on imports of energy and commodities, has been battling to contain inflation like other Asian countries. It has campaigned to cut energy consumption, and pressured domestic refiners to cut their retail prices of gasoline and diesel in April for three months.

Source