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[Alpha Biz=(Chicago) Reporter Paul Lee] Exports of petroleum products by four local oil refiners fell 22.1 percent in the first half of this year from last year, the report showed. Exports have increased slightly, but oil prices have steadily fallen, which is attributed to a decrease in refining margins.
The Korea Petroleum Association said on the 26th that SK Energy, GS Caltex, S-Oil and HD Hyundai Oilbank's exports in the second quarter (April-June) fell 37.6% from the same period last year to $9.93,400 billion. Exports in the first quarter (January to March) combined amounted to $ 21.81,100 billion. Exports in the first half of last year amounted to $ 2.79 million. Exports rose 3.2% year-on-year to 200 million barrels.
The drop in exports was largely due to international oil prices. The price of Dubai crude oil, which stood at around 80 dollars per barrel early last year, soared to 127.86 dollars in March and went back and forth around 100 dollars throughout the first half of the year. On the other hand, in the first half of this year, it was between $ 75 and $ 80.
As a result, export profitability, which excludes the unit price of products from crude oil introduction unit prices, fell by more than half to 11.4 dollars this year from an average of 23.9 dollars per barrel in the first half of last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
