Iraq Ranks Fifth as South Korea's Largest Oil Source in February 2023

Shafaq News / According to the South Korean Customs Administration, Iraq has ranked fifth as the largest oil source for South Korea during February 2023.

In an official statistical report, the administration stated that "Iraq ranked fifth as the largest oil source for South Korea during February 2023, with 7.429 million barrels, an increase of 2.1% from the previous month of January, which had exports of 7.276 million barrels, and a surge of 28% compared to the same period in 2022, with exports of 5.806 million barrels."

The report also noted that "the quantity of Iraqi crude oil exported to South Korea in the past two months (January and February) of the current year 2023 amounted to 14.705 million barrels, an increase of 52.2% from the same period in 2022, which reached 9.661 million barrels."

Furthermore, the report indicated that "Saudi Arabia ranked first as the largest oil source for South Korea in February 2023, with 27.963 million barrels, followed by the United States of America with 11.164 million barrels, then the United Arab Emirates with 10.954 million barrels, and Kuwait ranked fourth with 9.601 million barrels."

The report also revealed that "Qatar ranked sixth with 6.181 million barrels, followed by Kazakhstan with 4.178 million barrels, Mexico ranked eighth with 3.991 million barrels, Brazil ranked ninth with 2.455 million barrels, and Australia ranked tenth with 1.972 million barrels."

It is worth noting that "the amount of South Korean imports of crude oil from the top ten countries in February reached 87.163 million barrels, an increase of 6.8% from the previous month of January, which had imports of 81.634 million barrels."

In conclusion, Iraq's ranking as the fifth largest oil source for South Korea in February 2023 highlights the growing importance of Iraq as a key player in the global oil market.