Oil Export to South Korea at record highs

oil rig night s

There’s a big world out there. Billions of people in hundreds of countries outside of the EU who are keen to trade with us and import our products.

This article from Downstream today is a prime example of how, with a corpsing EU refining industry, the UK can still profit and export across the world as a result of free trade agreements.

In this case, the export is crude oil;

“Three tankers each able to ship 2 million barrels of oil have been hired to load the North Sea grade Forties so far in June, according to six shipbroker reports compiled by Bloomberg. That could rise to four if another vessel, provisionally booked for late this month or early next, ships its consignment by the 30th. South Korean data show the country hasn’t imported 8 million barrels of North Sea oil in a single month since at least 2000.”

One question that arises as a result of this article is; why, if South Korean refineries are making good margins and lifting processing rates aren’t the refineries in the UK or the rest of Europe doing the same?

Answer in my next post . . .


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