(MENAFN) A government report posted that oil product consumption in South Korea has jumped in the previous year on the back of low crude prices.
Accordingly, the Ministry of Trade, Industry and Energy revealed crude oil imports reached 1.08 billion barrels during 2016, rose by 5.1% compared with 2015.
Moreover, expanding imports followed a decline in prices for Dubai crude, South Korea's benchmark, which dropped by 18.3% from a year earlier.
Never the less, oil product consumption in the local market has hit 922.12 million barrels in the past year.
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