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South Korea's Oct oil product exports mark biggest increase in 30 months

Seoul — South Korea's refined oil product exports in October jumped 20.1% year on year to 49.46 million barrels, or 1.60 million b/d, compared with 41.17 million barrels a year earlier, data released late Thursday from Korea National Oil Corp. showed.

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This marked the biggest increase in more than two years since April 2016 when shipments jumped 23.5% from a year earlier.

The October shipments were also up 10.4% from 44.78 million barrels in September.

For the first 10 months this year, oil product exports climbed 5.5% year on year to 442.07 million barrels, compared with 419.05 million barrels in the year-ago period. In 2017, oil product exports increased 4.2% year on year to 509.06 million barrels.

Exports of gasoil surged 25.9% year on year to 18.72 million barrels in October, whereas shipments of jet fuel rose 17.7% year on year to 10.82 million barrels last month.

Gasoline shipments jumped 23.8% year on year to 8.20 million barrels in October, while naphtha exports also rose 16.3% year on year to 4.15 million barrels last month.

But bunker C fuel oil exports fell 35.6% year on year to 1.42 million barrels last month.

Meanwhile, South Korea imported 27.70 million barrels, or 893,645 b/d, of oil products in October, up 4.1% from 26.61 million barrels a year earlier. But this was down 4.7% from 29.06 million barrels in September.

Over January-October, oil product imports climbed 6.4% year on year to 280.83 million barrels, compared with 264 million barrels in the same period last year. In 2017, South Korea's imports of oil products dipped 6.1% to 313.89 million barrels -- Charles Lee, newsdesk@spglobal.com

-- Edited by Irene Tang, newsdesk@spglobal.com