South Korea's gasoline and diesel exports to grow in 2024, with Japan seeing strong growth

According to the Korea Petroleum Association, in 2024, the export volume of volatile oil by Korean crude oil former sellers such as SK Energy, GS Caltex, S Oil, and HD Hyundai Oilbank is expected to reach 111.89 million liters.
Exports of petroleum products also increased 4.8% year-on-year to 490.45 million barrels, the second highest level since 2018.
Of the crude oil imported, 52.5% was refined and exported, the largest percentage ever. However, due to the rise in international crude oil prices, the export value of petroleum products fell 2.9% year-on-year to 45.17 billion yen.
0 million (USD, approximately 7 trillion yen). Looking at the proportion of exports by product, diesel was the largest at 41.1%, followed by gasoline at 22.8% and aviation fuel at 18.0%.
Exports of gasoline rose 12.1% year-on-year, the largest increase. In particular, exports to Japan increased 33%. Japan is promoting the consolidation and closure of oil refineries as part of its decarbonization and energy conservation policies.
The two countries had been working on integrating oil and gas into their operations, but a sudden increase in foreign tourists in 2024 led to a shortage of gasoline and aviation fuel.
By country, Australia accounted for 18.0%, Japan for 12.9%, and Singapore for 12.5%.
%. Japan will overtake Singapore to become the second largest exporter. Australia will be the largest exporter for the third consecutive year from 2022 onwards.