Iraq ranks as fourth-largest oil supplier to South Korea in April

Shafaq News/ Iraq was the fourth-largest exporter of crude oil to South Korea in April, according to a report from the Korea National Oil Corporation released on Saturday.

The report, reviewed by Shafaq News Agency, revealed that Saudi Arabia was the largest exporter, with exports totaling 29.187 million barrels. The UAE followed in second place with 16.95 million barrels, and the United States came in third with 12.368 million barrels.

"Iraq was the fourth-largest crude oil exporter to South Korea in April, with 7.749 million barrels," the report noted. This marks an increase of 35.1% compared to April 2023, when exports stood at 5.735 million barrels. However, it also represents a decrease of 3.1% from the previous month, which recorded 8 million barrels.

The company highlighted that "high insurance premiums continued on oil tankers in the Arabian Gulf and Asia, and the narrow Brent-Dubai price spread attracted South Korean refineries to American crude oil. However, the free trade agreement could make oil shipments from the UAE cheaper in the future, challenging the status quo in refining and trade."