28-08-08 South Korea's crude imports from the Middle East, including Qatar and Oman, increased to 85 % in the first half 2008 compared with the same period last year, according to the latest data released by the state-run Korea National Oil Corporation. The nation's dependence on the Middle East went up by 6.2 year-on-year percentage point to 85.0 %, as crude imports from Asia and Russia decreased, the report said.
South Korea is Kuwait's second-biggest oil importer after Japan.

Overall crude oil imports in the January-June period declined 1.2 % from the same period in 2007 to 434.1 mm barrels, owing to the domestic consumption decrease by record high oil prices. The average unit price of crude imports in the first half of 2008 recorded $ 102.35 per barrel, a $ 41.10 gain from the same period last year.
In the reporting period, the international oil price based on Dubai crude maintained a strong upward trend due mainly to US's stronger gasoline market, geopolitical problems in Nigeria and Iran.

In June alone, crude imports fell 4.5 % from a year earlier on account of the shut down for routine maintenance of SK Energy and Hyundai Oilbank.
The amount of crude imports in June recorded $ 44.425 mm, up 65.1 % from a year earlier, as the average unit price reached a record high.