South Korea's dependence on Middle Eastern countries for oil imports remains high, sparking concerns that Asia's fourth-largest economy would be threatened by any supply disruptions in the region as oil prices continue to climb, a report said Friday.
According to the report by the Korea National Oil Corp., South Korea imported 177.91 million barrels of oil during the first quarter of this year, accounting for 81.4 percent of the nation's total oil imports.
The ratio was almost unchanged from last year's average of 81.8 percent, the highest point since 1981, the report showed.
The government has said that it will try to reduce the ratio of imported oil to combat concerns over possible supply disruptions as a result of tension over Iran's suspected nuclear weapons program.
In January and March this year, South Korea imported 18.39 million barrels from Iran, 8.4 percent of total imports from the region, the report showed.
On Tuesday, the price of Dubai crude oil rose to a new high of 68.33 USD a barrel. Crude oil for June delivery also rose 0.5 percent to 74.61 USD a barrel in New York due to mounting concerns that Iran's suspected nuclear weapons program may lead to a confrontation with the United States, disrupting exports from the world's fourth-largest producer. (Yonhap News Agency)
[Business] South Korea heavily dependent on Middle East oil |
