Report Update Nov 1, 2024

Republic of Korea - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Crude Oil Market 2024

Crude Oil Market Size in Republic of Korea

In 2022, the South Korean crude oil market increased by 27% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a relatively flat trend pattern. Crude oil consumption peaked in 2022 and is likely to see steady growth in the near future.

Crude Oil Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded decline in shipments abroad of crude petroleum oil, which decreased by -99.9% to X tons in 2022. Overall, exports saw a sharp decrease. The pace of growth was the most pronounced in 2015 with an increase of 102% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports contracted rapidly to $X in 2022. In general, exports showed a significant curtailment. The growth pace was the most rapid in 2019 with an increase of 68% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Belgium (X tons) and Singapore (X kg) were the main destinations of crude oil exports from South Korea, together comprising 99% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +40,025.0%), while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) emerged as the key foreign market for crude petroleum oil exports from South Korea, comprising 69% of total exports. The second position in the ranking was taken by the United States ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Belgium stood at +644,600.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Singapore (+62.3% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, picking up by 421% against the previous year. Over the period under review, the export price enjoyed resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+1,506.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into Republic of Korea

In 2022, after three years of decline, there was significant growth in purchases abroad of crude petroleum oil, when their volume increased by 5.6% to X tons. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 10%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports soared to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 65%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest supplier of crude oil to South Korea, accounting for a 37% share of total imports. Moreover, crude oil imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Kuwait (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Saudi Arabia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+379.9% per year) and Kuwait (-4.1% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of crude petroleum oil to South Korea, comprising 36% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports. It was followed by Kuwait, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Saudi Arabia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+279.5% per year) and Kuwait (-4.9% per year).

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, with an increase of 36% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Australia ($X per ton) and Qatar ($X per ton), while the price for Mexico ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, with a combined 45% share of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together accounting for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, together accounting for 42% of global production.

What are the leading suppliers of crude petroleum oil to Republic of Korea?

In value terms, Saudi Arabia constituted the largest supplier of crude oil to South Korea, comprising 27% of total imports. The second position in the ranking was occupied by Kuwait, with a 13% share of total imports. It was followed by the United States, with a 12% share.

What are the leading importers of crude petroleum oil from Republic of Korea?

In value terms, the largest markets for crude oil exported from South Korea were Pakistan, the Philippines and China, together accounting for 59% of total exports.

What is the average export price for crude petroleum oil in Republic of Korea?

The average crude oil export price stood at $400 per ton in 2021, picking up by 3.6% against the previous year.

What is the average import price for crude petroleum oil in Republic of Korea?

The average crude oil import price stood at $421 per ton in 2021, growing by 22% against the previous year.

This report provides an in-depth analysis of the crude oil market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023