New Market Research Report: South Korea Oil & Gas Report Q2 2016

Even as sustained weakness in global crude prices provide some near-term support to refining margins, conditions will remain challenging for the South Korean refiners due to faltering domestic demand, rising competition in the regional fuels exports market and a sharp slowdown in Chinese demand for fuels imports from Korea. We highlight that South Korea remain at risk of an LNG oversupply, as subpar economic performance and continued energy diversification in the power sector could undermine the country's ability to consume all of its contracted LNG volumes over the coming years.

Latest Updates And Key Forecasts

We do not expect any additions to South Korea's current refining capacity of 3.0mn b/d within the next decade, as rising competition in the exports market and tightening conditions in the domestic market limit scope for major expansion campaigns.

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The Middle East will remain the country's largest supplier of crude oil, though the government is actively trying to diversify its crude sources. The government's decision to offer freight incentives to cargoes originating from regions other than the Middle East will provide opportunities for suppliers in Europe, West Africa and Latin America to increase their market share.

Asia-Pacific continues to absorb the bulk of South Korea's refined fuels exports, accounting for about 80.0% of total exports in 2015. Rapid cutback in domestic refining capacity has propelled Australia to become Korea's second largest refined fuels trade partner, while sluggish economic performance and faltering fuels demand has led China to slip to the position of fourth, from second previously.

The availability of cheaper power sources such as nuclear energy and even coal has weighed on Korea's demand for LNG over 2014-2015, a trend we see remaining in play over the next decade. Long-term growth will also be hindered as the government seeks to incorporate greater renewables energy into its power mix.

The South Korea Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for South Korea including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's South Korea Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Korean oil and gas industry.

Key Benefits
Benchmark BMI's independent oil and gas industry forecasts for South Korea to test consensus views - a key input for successful budgeting and strategic business planning in the Korean oil and gas market.

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