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According to Refinitiv Eikon's trade flow data, South Korea is expected to import at least 18 million barrels of crude oil and 900,000 tons of liquefied natural gas (LNG) from the United States in January and February.
The above crude oil imports are four times the same period last year, while LNG declines slightly, suggesting that the record import momentum of Korea will continue in 2018 due to favorable market conditions brought about by the sustained growth of U.S. crude oil and liquefied natural gas production.
U.S. President Trump continues to work to reduce the U.S. trade deficit with major trading partners and increase their purchases of U.S. goods. Oil and liquefied natural gas exports are key components of this strategy.
"At present, the trend [of importing US crude oil] will remain unchanged... US crude oil is slightly better economically than Middle East and North Sea oil," said a South Korean refinery source who declined to be named because of company policy.
South Korea's imports of U.S. crude oil and LNG reached a record high in 2018, but South Korea's oil supply from the Middle East tightened as OPEC-led production cuts and the United States imposed sanctions on Iran again.


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