Those refiners are also checking measures to adjust the blending ratio of US and Middle Eastern crude oils and to modify their facilities accordingly.“The move is a pre-emptive step to cope with various trade issues expected to emerge with the return of the Trump administration,” said an official at the South Korean Ministry of Trade, Industry and Energy.“An 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 more US crude, industry sources said.
South Korea, which has been encouraging refiners to procure crude from other nations to reduce its dependence on the Middle East, plans to offer more incentives for supplier diversification.
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