Crude imports broke $100B last year with high oil pricesThe value of Korea’s crude oil imports surpassed the $100 billion mark for the first time in 2011 due mainly to a surge in prices, data showed yesterday.
Korea imported $100.7 billion worth of oil last year, up 46.6 percent from the previous year, according to the data by the Ministry of Knowledge Economy, the Korea International Trade Association, and Korea National Oil Corp.
In terms of volume, Korea’s crude imports increased 6.2 percent on-year to 926 million barrels in 2011.
Korea, the world’s fifth-largest crude buyer, relies entirely on imports for its oil needs.
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