Those refiners are also checking measures to adjust the blending ratio of US and Middle Eastern crude oils and to modify facilities.“The move is a pre-emptive step to cope with various trade issues expected to emerge after the Trump administration launches,” said an official at the South Korean Ministry of Trade, Industry and Energy.“The increase in US oil imports was considered one of the measures that Korea could propose (to ease any pressure from Washington’s trade protectionism.”US oil is expected to account for more than 20% of South Korea’s total crude imports if the country raises purchases, up from the current 16.7%, local refining industry sources said.
Trump, who appointed fossil fuel executives such as Liberty Energy CEO Chris Wright as key government posts including Energy Secretary for the goal of US energy dominance, is expected to step up pressure on South Korea to import US crude more, industry sources said.
South Korea surveyed the current status of oil purchases and supplier diversification of four refiners in the country – SK Innovation Co., GS Caltex Corp., S-Oil Corp.and HD Hyundai Oilbank Co., according to industry and government sources on Wednesday.
The story "Korea mulls raising US oil imports to cope with Trump trade policies" has 909 words across 37 sentences, which will take approximately 4 - 8 minutes for the average person to read.
Which news outlet covered this story?
The story "Korea mulls raising US oil imports to cope with Trump trade policies" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 16 news stories per day.
It's most recent story was published 19 minutes ago.
What do people currently think of this news story?
The sentiment for this story is currently Positive, indicating that people regard this as "good news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
