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In a statement the Ministry said, “[Our] average crude oil import price is forecast to rise to US$34.50 a barrel this year from US$27.50 in 2003, based on Dubai-grade oil, an Arabian Gulf benchmark for Asian oil traders.”
“The price of Dubai crude will rise at a slower pace than that of West Texas Intermediate [and] domestic consumption of gasoline and other petroleum products will fall 2% to 748.4 million barrels this year because of higher prices,” he added.
South Korea relies entirely on imports for all its oil needs and 80% of its supply comes from the Middle East.
