ID :
37678
Sun, 12/28/2008 - 08:49
Auther :
Shortlink :
http://m.oananews.org//node/37678
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S. Korean oil product exports plunge in Nov.
SEOUL, Dec. 28 (Yonhap) -- South Korean oil product exports plunged to their
lowest levels in more than five years in November due to the drop in
international crude prices, industry sources said Sunday.
The Korea Petroleum Association (KPA) and domestic refiners said exports of oil
products fell 31.0 percent year-on-year to US$1.9 billion last month, down almost
$1 billion from the $2.8 billion shipped abroad in October.
They said the drop is the steepest since the 35.5 percent on-year loss tallied
for September 2003.
The average price for a barrel of refined petroleum product stood at $67 last
month from $96 an year earlier.
Prices had been falling steadily from $154 in July to $115 in September and $83
in October.
"The plunge is directly related to a decline in unit cost connected to crude oil
prices," said a KPA spokesperson. He pointed out that while the benchmark Dubai
crude oil cost an average of $67.6 per barrel in October, it slid to $49.9 last
month.
South Korea imports the bulk of its oil from the Middle East region and has
become a leading regional exporter of oil products because of its excess refining
capability.
"At this rate, this year's export target of $40.0 billion will probably not be
met, with the total to hover around $37.0-38.0 billion," the expert said.
In the 11 months of this year, exports of petroleum products totaled $35.5
billion, or an annual gain of 70.9 percent, making it South Korea's
second-largest export commodity after ships.
By product, exports of diesel reached $793.9 million in the cited month, followed
by aviation fuel and lubricants that topped $524.1 million and $204.7 million,
respectively. Exports of gasoline stood at $184.7 million.
Industry analysts, meanwhile, said conditions for 2009 will likely deteriorate,
with the expected worldwide economic slump affecting demand. In addition,
operations of new, large-scale refining facilities in countries such as China and
India are expected to boost export competition.
yonngong@yna.co.kr
(END)
lowest levels in more than five years in November due to the drop in
international crude prices, industry sources said Sunday.
The Korea Petroleum Association (KPA) and domestic refiners said exports of oil
products fell 31.0 percent year-on-year to US$1.9 billion last month, down almost
$1 billion from the $2.8 billion shipped abroad in October.
They said the drop is the steepest since the 35.5 percent on-year loss tallied
for September 2003.
The average price for a barrel of refined petroleum product stood at $67 last
month from $96 an year earlier.
Prices had been falling steadily from $154 in July to $115 in September and $83
in October.
"The plunge is directly related to a decline in unit cost connected to crude oil
prices," said a KPA spokesperson. He pointed out that while the benchmark Dubai
crude oil cost an average of $67.6 per barrel in October, it slid to $49.9 last
month.
South Korea imports the bulk of its oil from the Middle East region and has
become a leading regional exporter of oil products because of its excess refining
capability.
"At this rate, this year's export target of $40.0 billion will probably not be
met, with the total to hover around $37.0-38.0 billion," the expert said.
In the 11 months of this year, exports of petroleum products totaled $35.5
billion, or an annual gain of 70.9 percent, making it South Korea's
second-largest export commodity after ships.
By product, exports of diesel reached $793.9 million in the cited month, followed
by aviation fuel and lubricants that topped $524.1 million and $204.7 million,
respectively. Exports of gasoline stood at $184.7 million.
Industry analysts, meanwhile, said conditions for 2009 will likely deteriorate,
with the expected worldwide economic slump affecting demand. In addition,
operations of new, large-scale refining facilities in countries such as China and
India are expected to boost export competition.
yonngong@yna.co.kr
(END)
