Tag: crude

crude

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A satellite image shows a closer view of the damage at the Saudi Arabia East-West pipeline, located across the Arabian Peninsula, after a strike that hit it on Sept. 11, in Saudi Arabia, on Sept. 13.

Attack on crucial Saudi oil pipeline unlikely to have long-term impact, Industry Ministry tells businesses

The attack on critical infrastructure will not devastate supply as local oil refiners have secured more than 90 percent of the crude needed through October.

2026.9.14

A satellite imagery shows the Strait of Bab al-Mandab, a narrow gateway to the Red Sea [REUTERS/YONHAP]

As Red Sea blockade threat grows, Korea weighs Suez Canal as crude import route of last resort

Experts warn that the Suez option would be costly and hard to sustain due to the added voyage time, tanker size limitations and canal tolls.

2026.7.22

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Korea says crude secure through September, Red Sea or not

The government said crude imports are sufficient through September and sees no immediate disruption even if Red Sea shipping is blocked.

2026.7.21

SK Innovation's oil refining factory in Ulsan.

Exclusive: Korea slashes jet fuel exports to U.S. amid Iran war uncertainties, redirects flows to Japan on higher margins

Korean refiners are diverting jet fuel and gasoline to higher-margin Asian markets as war-related risks disrupt shipments to the United States.

2026.6.10

A tanker carrying 2 million barrels of crude oil sits docked at GS Caltex's oil pier in Yeosu, South Jeolla, on May 8. The vessel departed from Saudi Arabia's Yanbu port in mid-April — disrupted by the fallout from the Middle East conflict — and completed a voyage of more than 20 days through the Red Sea before arriving at Yeosu. [GS CALTEX]

Middle East crude imports fall 37% in April amid Iran war

Korea's imports of crude oil from the Middle East slipped 37 percent in April from a year earlier amid prolonged geopolitical tensions in the region, data showed Sunday.

2026.5.24

An LNG carrier docks at a terminal in Tongyeong, South Gyeongsang, operated by Korea Gas Corporation. [KOREA GAS CORPORATION]

Hormuz crisis lays bare Korea’s energy readiness gap with Japan, China

The blockade of the Strait of Hormuz has laid bare Korea’s acute vulnerability in energy security — arguably the most exposed among major Asian economies.

2026.5.19

An S-Oil gas station in southern Seoul [S-OIL]

Major oil refiners post stronger-than-expected Q1 profit of combined $3.3B

Four major Korean oil refiners posted stronger-than-expected operating profits to combine for more than 5 trillion won ($3.3 billion) in the first quarter of this year as crude prices soared due to the Iran war.

2026.5.14

HD Hyundai Oilbank's oil refining plant in Daesan, South Chungcheong [HD HYUNDAI OILBANK]

Why is Korea returning to Venezuelan oil after 23-year hiatus?

Korea is moving to import Venezuelan crude for the first time in 23 years, despite the oil’s notoriously difficult refining profile compared to conventional grades.

2026.5.11

HD Hyundai Oilbank's oil refining plant in Daesan, South Chungcheong [HD HYUNDAI OILBANK]

U.S., Canada urge Korea not to impose controls on petroleum exports

The United States, Canada, Australia and others have urged Seoul to refrain from imposing controls on petroleum exports, after several Asian countries moved to restrict exports amid protracted instability in Middle Eastern crude supplies.

2026.4.22

Korea National Oil Corporation's oil storage base in Seosan, South Chungcheong. [YONHAP]

Korea looks to scale up oil storage capacity as Middle East producers seek hedge

Korea is moving to expand its strategic oil storage capacity as prolonged disruptions around the Strait of Hormuz are prompting a surge of inquiries from oil-exporting nations seeking to use Korea’s storage facilities.

2026.4.14