AlwaysFree: South Korea’s Imports Of US Oil Drop Significantly In May

South Korea’s imports of US crude oil dropped significantly in May, according to data released by Korea National Oil Corp. on June 24. The data showed that imports of American crude fell to 7.407 million barrels last month. This represents a decline of  35.7% from 11.516 million barrels a year earlier and marks the sharpest year-on-year fall since 2015 when South Korea became a regular importer of US oil. Compared to April, imports fell 50% from 14.827 million barrels. The decline was attributed to weak domestic fuel demand amid the coronavirus pandemic and less competitive prices of North American crude grades.