South Korean demand for Forties wanes

摘要

Exports of North Sea Forties crude to Asia-Pacific fell to a seven-month low in March, as South Korean demand evaporated. Only around 65,000 b/d of Forties was shipped to Asia-Pacific last month, down by 135,000 b/d from February (see graph). And first-quarter exports to the region slipped to 150,000 b/d, 40,000 b/d lower compared with October- December last year. The decline came amid reduced demand from South Korea, which bought less than 65,000 b/d in the first quarter, down by more than half compared with the final three months of 2015. The country was the largest export destination for Forties last year, taking 100,000 b/d on average, or around a quarter of the grade’s output.