South Korea unwinds crude import diversification strategy as Middle East dependence grows

 In In the News
South Korea is looking to unwind its crude import diversification strategy, at least in 2022, as refiners find taking incremental supplies from major Middle Eastern producers highly efficient in times of tight global supply and surging oil prices, while the country aims to completely phase out Russian crude shipments. The world’s fourth biggest crude importer has been striving to diversify…