South Korea's oil refiners are closely monitoring developments related to supply and demand in international crude oil markets. The pivotal factors currently being assessed include the anticipated improvement in margins, the yet-to-be-confirmed output plan of OPEC+ post-March, and the ample availability of Saudi and US crude for Asia. These elements provide a comprehensive outlook on the unfolding dynamics of the oil sector.
1. South Korea's oil refiners are closely monitoring developments in international crude oil markets regarding supply and demand.
2. Key factors being assessed include the expected improvement in margins, OPEC+'s output plan after March, and the availability of Saudi and US crude oil for Asia.
3. South Korea's oil refineries predict a better year ahead due to expected improvements in margins, resulting from a rise in crude oil prices and an anticipated rebound in oil demand.
4. The Organization of Petroleum Exporting Countries and its allies (OPEC+) have not yet confirmed their oil output plans for the period post-March.
5. There is currently an ample supply of crude oil from Saudi Arabia and the US available for Asia, ensuring that refineries have sufficient raw materials.
As of 2020, South Korea is the fifth-largest importer of crude oil in the world, importing approximately 2.59 million barrels per day.
South Korea's oil refineries have predicted a better year ahead as margins are expected to improve, thanks to a rise in crude oil prices and a hopeful rebound in oil demand. This forecast comes even as the Organization of Petroleum Exporting Countries and its allies (OPEC+) have yet to confirm their oil output plans for the period post-March. Moreover, an abundant supply of crude oil from Saudi Arabia and the US is currently available for Asia, ensuring that the refineries will have sufficient raw materials for their operations.