Petroleum products in high demand

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Petroleum products in high demand

Korea’s consumption of petroleum products surged to record high levels in 2011 despite a spike in international crude oil prices, data showed yesterday.

The country consumed 801.30 million barrels of such products as naphtha, gasoline and jet fuel last year, up 8.84 percent from 794.27 million barrels a year earlier, the data by state-run Korea National Oil Corp. (KNOC) showed.

The increase is the highest annual tally and surpassed the 794.94 million barrels consumed in 2007.

“The increase is noteworthy because the cost of crude oil reached unprecedented levels last year, hitting an average of $105.98 per barrel for the Dubai benchmark that makes up roughly 80 percent of Korea’s imports,” the KNOC said.

This surpasses the annual average high of $94.29 per barrel for the Dubai brand reported in 2008, it said.

The company said the rise in consumption is mainly due to solid growth of the country’s industrial sector and reliance on heavy industry that is dependent on fossil fuel.

The data also showed naphtha consumption rising 7.05 percent on-year to 355.20 million barrels, the highest reached since the KNOC started compiling data. The flammable mixture of hydrocarbons is commonly used as lighter fluid, in cleaning solvents and as a thinner.

Yonhap

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