03 Jul South Korea turns to cheap spot crudes as glut grows

By hellenicshippingnews Refiners in South Korea, the world’s fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. With the Organization of the Petroleum Exporting Countries (OPEC) and other producers keeping crude taps open in … Read full story ›

Source:: Hellenic shipping news Oil