Republic of Korea - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends And Insights
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View PricingCrude Oil Price in South Korea - 2022
Contents:
- Crude Oil Price in South Korea (CIF) - 2022
- Crude Oil Price in South Korea (FOB) - 2022
- Crude Oil Imports in South Korea
- Crude Oil Exports in South Korea
Crude Oil Price in South Korea (CIF) - 2022
The average crude oil import price stood at $688 per ton in December 2022, with a decrease of -5% against the previous month. Overall, the import price, however, saw a mild increase. The most prominent rate of growth was recorded in April 2022 when the average import price increased by 13% month-to-month. Over the period under review, average import prices attained the maximum at $870 per ton in July 2022; however, from August 2022 to December 2022, import prices remained at a lower figure.
Average prices varied somewhat amongst the major supplying countries. In December 2022, the countries with the highest prices were Qatar ($788 per ton) and Kazakhstan ($743 per ton), while the price for Iraq ($608 per ton) and Mexico ($646 per ton) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Crude Oil Price in South Korea (FOB) - 2022
In 2022, the average crude oil export price amounted to $2,109 per ton, declining by -36.7% against the previous year. In general, the export price saw a sharp setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 208%. Over the period under review, the average export prices hit record highs at $20,561 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($10,000 per ton), while the average price for exports to the United States ($996 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 Indonesia (+83.5%), while the prices for the other major destinations experienced a decline.
Crude Oil Imports in South Korea
In 2022, purchases abroad of crude petroleum oil was finally on the rise to reach 136M tons after two years of decline. Overall, imports, however, recorded a mild downturn.
In value terms, crude oil imports soared to $106B in 2022. Over the period under review, imports enjoyed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Crude Oil in South Korea (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Saudi Arabia | 21.7 | 15.9 | 22.8 | 37.7 | 20.2% |
| United States | 9.8 | 5.9 | 9.0 | 14.0 | 12.6% |
| Kuwait | 10.9 | 5.9 | 7.7 | 10.7 | -0.6% |
| United Arab Emirates | N/A | N/A | N/A | 9.2 | 0% |
| Iraq | 8.2 | 3.8 | 4.3 | 8.5 | 1.2% |
| Qatar | 4.5 | 2.8 | 3.7 | 4.9 | 2.9% |
| Kazakhstan | 1.3 | 0.8 | 1.9 | 4.6 | 52.4% |
| Mexico | 3.1 | 2.4 | 3.5 | 3.9 | 8.0% |
| Russia | 5.1 | 2.6 | 4.6 | 2.3 | -23.3% |
| Australia | 0.5 | 0.6 | 1.7 | 2.1 | 61.3% |
| Others | 5.2 | 3.6 | 7.8 | 8.0 | 15.4% |
| Total | 70.3 | 44.5 | 67.0 | 106 | 14.7% |
Top Suppliers of Crude Oil to South Korea in 2022:
- Saudi Arabia (49.8M tons)
- United States (17.8M tons)
- Kuwait (14.4M tons)
- Iraq (12.5M tons)
- United Arab Emirates (11.3M tons)
- Mexico (5.7M tons)
- Kazakhstan (5.6M tons)
- Qatar (5.6M tons)
- Russia (3.1M tons)
- Australia (2.4M tons)
Crude Oil Exports in South Korea
In 2022, after two years of decline, there was significant growth in shipments abroad of crude petroleum oil, when their volume increased by 148,167% to 4.4 tons. Over the period under review, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, crude oil exports soared to $9.4K in 2022. Overall, exports showed a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Crude Oil in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Belgium | N/A | N/A | N/A | 6.4 | 0% |
| United States | N/A | N/A | N/A | 2.7 | 0% |
| Singapore | N/A | N/A | N/A | 0.3 | 0% |
| Vietnam | 2.9 | N/A | N/A | N/A | 0% |
| Indonesia | 2.8 | 3.2 | N/A | N/A | 14.3% |
| Others | N/A | 0.1 | N/A | N/A | 0% |
| Total | 5.7 | 3.2 | N/A | 9.4 | 18.1% |
Top Export Markets for Crude Oil from South Korea in 2022:
- United States (2671.0 kg)
- Belgium (1605.0 kg)
- Singapore (147.0 kg)
- Vietnam (1.0 kg)
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
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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This report provides an in-depth analysis of the crude oil market in Republic of Korea.
89
This report provides an in-depth analysis of the market for crude oil and processed petroleum in Republic of Korea.
397
This report provides an in-depth analysis of the global crude oil market.
124
This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
264
This report provides an in-depth analysis of the crude oil market in Republic of Korea.
89
This report provides an in-depth analysis of the market for crude oil and processed petroleum in Republic of Korea.
397
This report provides an in-depth analysis of the global crude oil market.
124
This report provides an in-depth analysis of the global market for crude oil and processed petroleum.
494
Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
494
Explore the top import markets for crude oil and examine key statistics related to their import value. China, the United States, and India lead the pack.
