February sees Slump in South Korean Refinery Runs
March 31, 2014
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Runs totalled 2.45 mmb/d, down y-o-y by 9.2% or 249 kb/d. Over the past 12 months, South Korean refinery runs have fallen by some 5.9% compared to the preceding 12 months.
As one of the region’s main exporters, South Korean refiners are acutely sensitive to the state of regional product cracks, in particular for middle distillates. With the exception of Singapore, no other country is as reliant on product exports as South Korea. In 2013, South Korea exported the equivalent of 55% of its output of gasoil, 69% of jet fuel and 47% of gasoline.
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