According to the latest data released by the state run Korea National Oil Corporation, South Korea's dependence on Middle Eastern crude oil edged up 1.4% to 83.1% in the first 4 months of 2009 compared with the same period in 2008. Overall South Korea's crude oil imports in the January to April period rose 3.

The KNOC said that 4% to 300.2 million barrels or 2.5 million barrels per day from the year earlier due to the worry about the possibility of rising in oil prices and the stable foreign exchange rates. In April alone, imports gained 4.4% YoY to 70.3 million barrels or 2.3 million barrels per day.

South Korea, with its heavy industrial base is the world's fifth biggest oil importer and No.2 buyer of Kuwaiti crude after Japan. The average unit price of crude imports in the reporting period slid to USD 45.34 per barrel, down from USD 94.63 barrels per day from the year before.

The KNOC said that "The international oil price, based on Dubai crude, continued a downward trend as the world economy has not recovered since August 2008."

(Sourced from Menafn)