In 2023, South Korea imported a total of over 86 billion U.S. dollars worth of crude oil. Saudi Arabia was the top country of origin, with around 30.57 billion dollars worth of crude oil imported during that year. Other major countries of origin were the United States and the UAE.
Despite having to import most of its petroleum, South Korea is a huge exporter of petrochemicals, having developed advanced methods of refining and processing petroleum for various needs. Among Korean refineries, LG Chem has become one of the largest companies in the world for producing petrochemicals. However, LG Chem's energy solutions sector has outperformed its petrochemicals sector in revenue in recent years.
Value of crude oil imported into South Korea in 2023, by country of origin
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Import value in billion U.S. dollars
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Korea International Trade Association. (April 4, 2024). Value of crude oil imported into South Korea in 2023, by country of origin (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/883901/south-korea-crude-oil-import-share-by-country-of-origin/
Korea International Trade Association. "Value of crude oil imported into South Korea in 2023, by country of origin (in billion U.S. dollars)." Chart. April 4, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/883901/south-korea-crude-oil-import-share-by-country-of-origin/
Korea International Trade Association. (2024). Value of crude oil imported into South Korea in 2023, by country of origin (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/883901/south-korea-crude-oil-import-share-by-country-of-origin/
Korea International Trade Association. "Value of Crude Oil Imported into South Korea in 2023, by Country of Origin (in Billion U.S. Dollars)." Statista, Statista Inc., 4 Apr 2024, https://www.statista.com/statistics/883901/south-korea-crude-oil-import-share-by-country-of-origin/
Korea International Trade Association, Value of crude oil imported into South Korea in 2023, by country of origin (in billion U.S. dollars) Statista, https://www.statista.com/statistics/883901/south-korea-crude-oil-import-share-by-country-of-origin/ (last visited July 22, 2024)
Value of crude oil imported into South Korea in 2023, by country of origin (in billion U.S. dollars) [Graph], Korea International Trade Association, April 4, 2024. [Online]. Available: https://www.statista.com/statistics/883901/south-korea-crude-oil-import-share-by-country-of-origin/