Korea National Oil Corporation Announces Finalized 2023 Domestic Oil Supply and Demand Statistics

Crude Oil Imports in 2023: 1.01 Billion Barrels (Down 2.5%)

Domestic Petroleum Product Consumption: 930 Million Barrels (Down 2.2%)

Korea National Oil Corporation (President Kim Dongseop) has finalized the 2023 domestic petroleum supply and demand statistics and announced them through the corporation's petroleum information network, ‘Petronet’.

Korea National Oil Corporation

According to the corporation, South Korea’s crude oil imports in 2023 totaled 1.01 billion barrels, a 2.5% decrease compared to the previous year. Due to the replacement of Russian crude oil, dependence on the Middle East increased to 71.9%.

Petroleum product imports amounted to 370 million barrels, with naphtha (64.5%) and LPG (26.4%) accounting for the majority. Exports totaled 490 million barrels, a 0.5% decrease, mainly consisting of diesel (39.7%), gasoline (20.6%), and jet fuel (18.8%).

The import value of crude oil and petroleum products was $112.8 billion, accounting for about 17.6% of the nation’s total imports. The export value was $49.9 billion, about 7.9% of the nation’s total exports, highlighting the significant impact of petroleum on South Korea’s economy and industry.

Domestic petroleum product consumption in 2023 was 930 million barrels, a 2.2% decrease compared to 2022 (950 million barrels, the highest ever). This is largely attributed to a decline in demand from the petrochemical industry, which accounts for over half of domestic consumption. While consumption decreased across most industries, consumption in the aviation sector notably increased by 45.6% year-on-year as international flights returned to pre-pandemic levels.

The corporation collects data from petroleum businesses every month to compile statistics on petroleum imports, exports, and domestic consumption, which are published on Petronet. After annual data collection, the information is reviewed and then officially announced.