S. Korea's imports of crude oil fall 2.5% in 2023

South Korea's imports of crude oil fell 2.5 percent on year in 2023, data showed Friday, as consumption of petroleum products declined last year.

South Korea imported 1.01 billion barrels of crude oil last year, down from 1.03 billion barrels in 2022, according to data compiled by the Korea National Oil Corp.

The Middle East accounted for 71.9 percent of South Korea's crude oil imports last year, up from 67.4 percent in 2022.

South Korea's dependency on the Middle East crude oil has risen following Russia's invasion of Ukraine.

Imports of petroleum products totaled 372 million barrels last year, with naphtha and liquefied petroleum gas making up 64.5 percent and 26.4 percent, respectively.