Korea has virtually suspended its jet fuel exports amid crude oil shortages, a move set to hit the United States — which relies on Korean fuel for nearly 70 percent of its imports — the hardest.
Korean oil refiners have sharply scaled back jet fuel production, diverting much of the adjusted volume to domestic demand.
Posted by Freewhale98
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1. Summary
Korea has virtually suspended its jet fuel exports amid crude oil shortages, a move set to hit the United States — which relies on Korean fuel for nearly 70 percent of its imports — the hardest.
Korean oil refiners have sharply scaled back jet fuel production, diverting much of the adjusted volume to domestic demand.
As the world’s top jet fuel exporter, Korea is a critical lifeline for countries like the United States and Australia, leaving them highly exposed to any disruption in Korean shipments.
Seoul has yet to impose formal restrictions on jet fuel exports, but could move in that direction if conditions deteriorate, as it did with naphtha.
2. How is this related to the sub
(1) Oil Shock: Trump’s Iran War led to suspension of Korean jet fuel exports to the US.
3. My opinion
The horror of oil Shock is yet to arrive.