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South Korea’s May oil product exports fall 11% on year to 1.35 mil b/d

South Korea’s refined oil product exports in May fell 10.5% on the year to 41.72 million barrels, or 1.35 million b/d, data released from state-run Korea National Oil Corp showed.

It marked the first decline in three months since February when shipments fell 4.3% from a year earlier. The May exports were also down 8.3% from 45.73 million barrels in April.

For the first five months this year, however, shipments of oil products rose 1.9% year on year to 216.83 million barrels.

Gasoil exports fell 9.1% year on year to 14.72 million barrels in May, and shipments of jet fuel dropped 10.8% year on year to 11.02 million barrels last month, the KNOC data showed.

Gasoline shipments plunged 23.8% on the year to 5.53 million barrels in May, following a 12.5% year-on-year decline in April.

Naphtha exports rose 27% on the year to 4.17 million barrels in May, but shipments of Bunker C fuel oil dropped 46.3% on the year to 1.05 million barrels in May, marking an eighth consecutive monthly decline since September last year.

Meanwhile, South Korea imported 28.46 million barrels of oil products in May, up 1.7% from 27.98 million barrels a year earlier.

The May imports were also up 8.8% from 26.15 million barrels in April.

For the first five months, oil product imports fell 6.2% on the year to 131.38 million barrels.

Product 19-May 18-May Change (Y/Y) 19-Apr Change (M/M)
Gasoil 14,715 16,196 -9.10% 16,817 -12.50%
Jet Fuel 11,017 12,354 -10.80% 10,325 6.70%
Gasoline 5,533 7,258 -23.80% 6,766 -18.20%
Naphtha 4,173 3,286 27.00% 5,825 -28.40%
Bunker C (Fuel Oil) 1,049 1,952 -46.30% 1,321 -20.60%
Kerosene 100 30 233.30% 93 7.50%
LPG 445 366 21.60% 353 26.10%
Others* 4,683 5,183 -9.60% 3,973 17.90%
Total 41,715 46,625 -10.50% 45,473 -8.30%
Product Jan-May 2019 Jan-May 2018 % Change
Gasoil 80,712 71,589 12.70%
Jet Fuel 47,593 45,859 3.80%
Gasoline 36,235 35,474 2.10%
Naphtha 20,880 16,540 26.20%
Bunker C (Fuel Oil) 5,249 13,081 -59.90%
Kerosene 2,547 3,538 -28.00%
LPG 2,318 1,589 45.90%
Others* 21,299 24,988 -14.80%
Total 216,833 212,703 1.90%
Unit: ‘000 barrels
Source: Korea National Oil Corp.

Source: Platts

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