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S Korea's Jan oil consumption rises 0.6% on year to 73.37 mil barrels

Saturday, 25 February 2012 | 00:00
South Korea consumed 73.37 million barrels, or an average 2.37 million b/d, of refined oil products in January, up 0.6% year on year but down 1.9% from December, data released Friday by state-run Korea National Oil Corporation showed.
South Korean refiners processed 81.53 million barrels of crude oil in January, up 4.1% year on year and up 1.1% from December.
The January crude throughput works out to an average 2.63 million b/d against the country's total refining capacity of 2.9 million b/d, implying a run rate of 90.7%.
South Korean refiners produced 88.49 million barrels of oil products in January, up 5.9% year on year and up 0.9% from December.
Meanwhile, South Korea's oil product exports in January came in at 32.59 million barrels, up 12.7% year on year, but down 12% from December.
China was South Korea's top export destination, with supplies amounting to 7.64 million barrels. This was followed by Japan at 5.99 million barrels and Singapore at 4.56 million barrels.
South Korean refiners realized an average selling price of $128/barrel on an FOB basis for their exports in January, up from $104/b in January 2011 and $119.6/b in December, the data showed.
South Korea imported 28.51 million barrels of refined oil products in January, up 0.7% year on year and up 7.1% from December. The country paid an average $92.24/b on an FOB basis for its product imports last month, compared with $86.43/b in January 2011 and $86.41/b in December.
Source: Platts
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