Iraq ranks as fifth largest crude oil supplier to South Korea in August

Shafaq News/ Iraq was the fifth-largest supplier of crude oil to South Korea in August 2024, the Korea National Oil Corporation (KNOC) reported on Tuesday.

According to KNOC's statement, Saudi Arabia maintained its position as the top oil exporter to South Korea, delivering 26.997 million barrels last month. The United States ranked second with 15.884 million barrels, followed by the United Arab Emirates with 12.101 million barrels. Kuwait came in fourth, supplying 9.378 million barrels.

Iraq exported 8.886 million barrels of crude oil to South Korea in August, marking a 28.9% increase compared to the same period in 2023. The figure also represented a 27.9% rise from July 2024, when Iraq's exports amounted to 6.946 million barrels.

The latest data from KNOC also indicated that South Korea's imports of crude oil from the Middle East rose by 2.9% year-on-year, reaching 493.120 million barrels.