Oil Company Petroleum Product Exports Increase at the Largest Rate in 11 Years

Q1 Export Volume 108.99 Million Barrels... 20% Increase

[Asia Economy Reporter Oh Hyung-gil] The export volume of petroleum products by oil refiners in the first quarter recorded the highest quarterly growth rate in 11 years.

The Korea Petroleum Association announced on the 26th that the first-quarter export volume of petroleum products by domestic refiners such as SK Energy, GS Caltex, S-OIL, and Hyundai Oilbank reached 108.99 million barrels, a 20.0% increase compared to the first quarter of last year. This is the highest growth rate since the first quarter of 2011 (25.6%).

The export value reached $12.03 billion, a 95.3% increase compared to the same period last year, marking the highest growth rate in 22 years since 2000 (118.2%).

With this upward trend, petroleum products ranked 4th among the country's major export items in the first quarter, surpassing automobiles and moving up one rank compared to the previous year.

The Petroleum Association explained that this was due to the expansion of global oil demand and the rise in international oil prices. The international Dubai crude oil price in the first quarter was $95.6 per barrel, a 59% increase compared to the first quarter of last year.

Major energy organizations such as the International Energy Agency (IEA) and the U.S. Energy Information Administration (EIA) have forecasted a steady recovery in oil demand since the second half of last year, as mobility demand and industrial production increase due to the easing of COVID-19.

The Organization of the Petroleum Exporting Countries (OPEC) also predicted in its monthly report issued in mid-this month that daily oil demand will gradually increase throughout the year: 98.95 million barrels in Q1, 99.12 million barrels in Q2, 101.06 million barrels in Q3, and 102.81 million barrels in Q4.

The export profitability, calculated by subtracting the crude oil import price from the petroleum product export price, recorded $19.5 per barrel, an increase of $10.7 compared to $8.8 last year, contributing to the strong performance of refiners.

A representative of the Petroleum Association stated, "Although the global oil supply and demand situation has become very tight due to the Ukraine crisis, domestic refiners are an oil powerhouse with the world's 5th largest refining capacity and excellent refining competitiveness," adding, "We will actively work not only to stabilize domestic supply and demand but also to pioneer export markets, thereby contributing to improving industry profitability and national exports."

This content was produced with the assistance of AI translation services.