Russian crude oil imports cut in half… Petroleum products overtake 車 to rank 4th in exports

▲ Panoramic view of the Nexlen plant in the Ulsan complex of SK Innovation, the largest oil company in Korea

湲 蹂肄

[아시아경제 오현길 기자] In the first quarter of the refinery, exports of petroleum products increased to the highest level in 11 years.

According to the Korea Petroleum Association on the 26th, the export volume of petroleum products of the four refineries, SK Energy, GS Caltex, S-OIL, and Hyundai Oilbank, was 189 million barrels, up 20.0% from the same period of the previous year. This is the highest growth rate since the first quarter of 2011 (25.6%).

Exports amounted to US$12.03 billion, up 95.3% from the same period last year. The growth rate of exports is also the highest in 22 years since 2000 (118.2%).

It is interpreted as a phenomenon that occurred last year as the demand for petroleum products increased due to the base effect of Corona 19 and the easing of the spread of Corona 19, and the price of petroleum products increased due to the rise in international oil prices.

Among the country’s major export items in the first quarter, petroleum products overtook automobiles to rank 4th, up one place from the previous year.

Experts predict that global oil demand will recover steadily in the future. The Organization of Petroleum Exporting Countries (OPEC) reported in its monthly report published this month that, due to factors such as global economic growth, daily oil demand this year was 98.95 million barrels in the first quarter, 99.12 million barrels in the second quarter, 11.06 million barrels in the third quarter, and 1 It is predicted that the number will increase as it goes up to 2.81 million barrels.

湲 蹂肄

Export profitability by subtracting the crude oil import price from the export price of petroleum products also recorded $19.5 per barrel, a significant increase from $8.8 per barrel in the previous year, greatly contributing to the refinery’s good performance.

The major export partners of petroleum products were Australia (13.2%), China (12.7%), Singapore (12.6%), Japan (9.8%) and Vietnam (9.1%).

Domestic refiners have significantly reduced their imports of Russian crude after Russia’s invasion of Ukraine. In March, domestic crude oil imports totaled 85.55 million barrels, of which 2.97 million barrels were imported from Russia. This is a 43% decrease from 5.28 million barrels in the same month of the previous year.

This year, Russian crude oil import volume recorded 5.24 million barrels in January, then decreased to 3.64 million barrels in February, and again showed a sharp decline in March.

It was found that domestic refiners replaced imports by increasing imports of Kazakhstan and Iraqi oil instead of Russian ones.

Kazakhstan’s crude oil import volume increased from 3.15 million barrels in February to 5.27 million barrels in March, and Iraqi crude oil also increased from 5.8 million barrels to 6.35 million barrels during the same period.

The country that imported the most crude oil in March was Saudi Arabia at 28.06 million barrels, the US at 11.67 million barrels, and Kuwait at 11.24 million barrels.

Meanwhile, refining margins, which represent oil companies’ profits, are at an all-time high. As of the fourth week of April, Singapore’s composite refining margin stood at $18.67 per barrel, up $0.52 from the previous week ($18.15).

Refining margin, which stayed at $5-7 per barrel in January and February, soared to $12.1 in the second week of March, when Russia’s invasion of Ukraine began in earnest, and reached an all-time high of $13.87 in the fourth week of March. recorded

Reporter Hyun-gil Oh [email protected]

Source: 아시아경제신문 실시간 속보 by

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