South Korea's crude imports in July went up 5.5 percent year on year to 68.96 million barrels (2.22 million b/d) despite a marginal rise in demand and crude throughput and a drop in exports, data released this week by state-run Korea National Oil Corp. showed. Crude imports were up 2 percent from June's 67.61 million barrels. The South Koreans paid an average $75.37/barrel on a CIF basis for their crude imports in July, compared with $68.71/b in July 2009 and 77.30/b in June this year. The Middle East supplied 52.82 million barrels of crude oil to South Korea, accounting for 76.6 percent of its total imports. Asia supplied 15.46 million barrels, accounting for 22.4 percent, with the rest coming from Africa. Saudi Arabia was South Korea's top crude supplier at 24.41 million barrels, followed by the United Arab Emirates (9.39 million barrels); Kuwait (5.29 million barrels); Qatar (4.83 million barrels); and Iran (4.59 million barrels). South Korea's oil demand rose marginally by 0.24 percent year on year in July to 61.32 million barrels, KNOC's data showed. Demand was down 2.16 percent from June's 62.67 million barrels. M Meanwhile, the country's four refiners processed 70.05 million barrels (2.26 million b/d) of crude oil in the month under review, up 0.77 percent from last July, but down 2.38 percent from June. The July crude throughput works out to an average run rate of around 80 percent given a combined nameplate capacity of 2.815 million b/d. Refiners' output totaled 74.54 million barrels in July, up 0.24 percent from last July, but down 3.07 percent from June's 76.9 million barrels. However, South Korea's product exports fell 1 percent year on year to 28.09 million barrels and were down 7.12 percent from June's 30.24 million barrels, KNOC's data showed. Refiners earned an average $83.86/b for their product exports in July, compared with $71.58/b in July 2009 and $84.53/b in June. China was South Korea's top export destination at 5.40 million barrels, followed by Singapore at 3.23 million barrels and Japan at 3.19 million barrels. Moreover, South Korea imported 21.99 million barrels of oil products in July, up 0.19 percent year on year and up 2.50 percent from June. The country paid an average $74.65/b for its product imports in July, compared with 59.94/b in July 2009 and 76.51/b in June. Fuel oil imports rose 166.30 percent year on year and 138.5 percent from June to 1.92 million barrels in July, KNOC's data showed. Imports of naphtha fell 2.09 percent year on year and 4.84 percent from June to 15.40 million barrels and imports of LPG fell 15.87 percent year on year but rose 4.57 percent from June to 4.55 million barrels. World oil prices rose on Friday as the market awaited key growth data that was expected to reveal a sharp economic slowdown in the United States, the world's biggest consumer of energy. New York's main contract, light sweet crude for October delivery, climbed 21 cents to $73.57 a barrel. Brent North Sea crude for delivery in October gained 33 cents to $75.35.
