GLOBAL OIL

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SOUTH KOREA - Republic of Korea

South Korea has enjoyed remarkable economic growth for over 30 years. It is now one of the world's largest economies.

But like other developed Asian countries, South Korea doesn't domestically produce enough fuel. It is the 6th largest importer of oil in the world.

South Korea actually imports more oil than it uses; the excess is refined and exported to China and sometimes its impoverished neighbor North Korea.

Much of the oil goes to South Korea's large petrochemical industries.

 

Production    --              minimal
Exports    --              minimal
Imports
2,263,000 barrels per day
Consumption
2,061,000 barrels per day
Reserves    --              minimal