Citi: South Korea's crude oil imports are expected to decline in April and May due to tensions in the Middle East

Golden Ten Data reported on April 13 that Citigroup stated that, due to heightened tensions in the Middle East, South Korea’s crude oil imports for April and May are expected to drop to 58% and 80% of normal monthly import volumes, respectively. South Korea’s crude oil imports in April will fall to 50 million barrels, and in May to 69 million barrels, while the average monthly import volume for 2025 is 85.7 million barrels. South Korea is expected to increase its crude oil imports from the United States while reducing imports from the Middle East. In the first 10 days of April, the United States accounted for 33% of South Korea’s total crude oil imports, up from 19% in the first quarter, while the Middle East’s share fell from 69% to 39%.