Korea National Oil Corp.: Oil Product Demand Rises for Third Month

Friday, 05 February 2010 17:17

Korea, Asia's fourth-biggest buyer of crude oil, consumed more petroleum products for a third month in December as manufacturers increased production and the colder weather boosted a heating demand.

The nation used 71.5 million barrels of oil products last month, up 2.9 percent from a year earlier.

Korea's overseas shipments rose at the fastest pace in 17 months in January on increased demand for semiconductors and petrochemicals.

The demand from power producers jumped 43 percent in December from a year earlier, while the electricity consumption by industrial users expanded 7.6 percent.

Commercial crude oil inventories fell 32 percent to 7.3 million barrels last month from a year earlier, Korea National Oil said.

The imports of crude dropped 5.9 percent in December to a revised 70.6 million barrels from 75.0 million barrels a year earlier.

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