South Korea’s oil demand 2.3% higher

South Korea’s oil demand in 2009 rose 2.28% to 778.01 million barrels, from 760.64 million barrels in 2008, while oil products exports were almost flat at 333.35 million barrels, data released by state-run Korea National Oil Corp. showed. Meanwhile, crude oil imports fell 3.44% year-on-year to 835.16 million barrels in 2009 as refiners lowered output. This was more than offset by a 19.34% jump in refined products imports to 268.05 million barrels. In fact, total oil imports showed a 1.26% year-on-year rise to 1.1 billion barrels, data showed. South Korea’s 2009 oil demand was propped up by a 3-5% jump in demand for gasoline, naphtha, jet fuel and LPG. The country exported 333.35 million barrels of refined products in 2009, yielding an average US$68.12 per barrel, compared with 335.26 million barrels in 2008 at an average realized price of $110.80 per barrel. (January 22, 2010)