South Korea Crude Imports Surge as Iraqi Oil Disappears

South Korea's imports of crude oil from outside the Middle East surged 40% in August, according to data from the Korea National Oil Corp. This rise was largely due to a sharp increase in imports from North America and Africa.

Imports from the Middle East fell 3.5% from a year earlier, with Iraqi crude imports reaching zero for the first time in 20 years. The Hormuz Strait blockade disrupted shipments from Iraq, which had been one of South Korea's top suppliers.

However, refiners were able to diversify their supply sources by increasing purchases from countries with alternative export routes that bypass the strait. Saudi crude imports rose 7.6% and shipments from the United Arab Emirates increased 17.5%.