Major oil former seller's first-half exports reach record high, exports to Japan increase significantly - South Korea

The export volume of petroleum products by major oil former sellers, such as SK Energy, GS Caltex, S Oil, and HD Hyundai Oilbank, is expected to reach 243.5 million barrels in the first half of 2024, down 2.2 billion barrels.
This was the highest figure in six years since the first half of 2018, when it was 3,700 barrels, according to the Korea Petroleum Association. Exports in the first half of the year have continued to increase since 2021, up 1.2% from the same period last year.
The value of exports also increased by 9% to $23,762,240,000 (USD), ranking third among major export items for South Korea after semiconductors and automobiles.
The increase in exports is due to growing global demand, especially for gasoline and aviation fuel. The oil industry's capacity utilization rate in the first half of the year was 80%, down from 72.6% in 2021.
Since 2010, it has been increasing every year. The ranking of export volume by country is Australia (18.6%), Singapore (13%), and Japan (11.5%). Export volume to Japan has increased significantly.
Ten years ago, oil plants were consolidated and refining capacity and fuel production were reduced due to decarbonization and energy conservation policies. This has led to disruptions to the supply of gasoline and reduced air travel capacity due to an increase in foreign tourists.
The shortage of air fuel has led to increased exports by Korean companies.