Seoul, South Korea – South Korea's oil refining industry has marked a new milestone with record-breaking exports of gasoline and diesel in 2024. According to the Korea Petroleum Association (KPA), the country's four major refiners – SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank – exported 111.89 million barrels of gasoline and 201.66 million barrels of diesel, the highest figures since the KPA began compiling export statistics in 1992.
This surge in exports comes amidst a challenging year for the global refining industry, marked by weak refining margins. The KPA attributed the strong performance to domestic refiners' efforts to expand exports of light oil products as a means of overcoming these difficulties.
In addition to gasoline and diesel, exports of jet fuel, another high-value product, also saw a 3% increase, reaching 88.26 million barrels. Overall petroleum product exports rose by 4.8% year-on-year to 490.45 million barrels, the second-highest figure ever recorded, trailing only the 2018 record.
Despite the increase in export volumes, the total export value of petroleum products decreased by 2.9% to US$45.17 billion due to a drop in international oil prices.
Diesel accounted for the largest share of exports by product, at 41.1%, followed by gasoline at 22.8%, jet fuel at 18%, and naphtha at 8.1%.
By country, Australia was the top destination for South Korean petroleum exports, accounting for 18% of the total, followed by Japan at 12.9%, Singapore at 12.5%, the United States at 8.8%, and China at 8.7%. Notably, Japan surpassed Singapore to become the second-largest export destination.
The KPA noted that Australia has been the largest export destination for South Korea for the past three years, primarily driven by strong demand for diesel.
Looking ahead, the KPA expects the petroleum product export environment to remain challenging due to global economic uncertainties. The association said that the refining industry will continue to focus on diversifying export markets and increasing exports of high-value-added products to improve the quality of petroleum product exports.
About the Korea Petroleum Association (KPA)
The Korea Petroleum Association is a non-profit organization representing the interests of the South Korean petroleum industry. The KPA's mission is to promote the development of the petroleum industry and contribute to the stable supply of energy in South Korea.
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