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Korea Oil Security Policy
…have sourced increasing shares of their crude oil needs from the United States since 2018 but a strong reliance on Middle Eastern grades remains. Storage Korea holds strategic and commercial oil reserves in both crude oil and oil products. The combined storage capacity stands at almost 400 mb. Government stocks and international joint oil stockpiling account for 35% of the storage capacity. There are nine government storage facilities. The remaining capacity relates to commercial facilities, including for obligated industry stocks. Oil emergency response policies and measures OrganisationThe 2017 Petroleum and Petroleum Substitute Fuel Business Act (PAPSA) and the 2016 Energy...
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Korea Natural Gas Security Policy
… Pohang Iron and Steel Company (POSCO) and K-Power jointly own the Gwangyang regasification facility located on the southern coast. A terminal at Boryeong, in the north western region, is owned by a joint venture between GS Energy and SK E&S. Korea has imported United States LNG since 2016, as part of its endeavour to diversify its gas procurement sources, and became the largest importer of United States LNG in 2018.Gas storage facilities There are no underground gas storage facilities in Korea and gas is exclusively stored in above ground tanks in the form of LNG.The five…
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Korea Electricity Security Policy
Country Energy Security Policy - Electricity Overview and generation portfolio Electricity generation in Korea is heavily dependent on coal, which represents over 40% of total generation. The vast majority of the remaining electricity generation derives from natural gas and nuclear energy, in roughly equal shares. Renewable energies account for a growing but still small proportion, and are expected to reach 21.6% of total electricity generation by 2030. Korea’s power grid is an isolated system with no cross-border transmission lines; therefore, electricity demand is met entirely through local production. Korea has an electricity emergency response manual outlining response procedures…
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Korea's legislation on oil security
…Substitute Fuel Business Act (PAPSA) and the 2016 Energy Act (EA). Together both acts provide the legal framework for Korea’s oil emergency response. Circumstances triggering operation of the emergency response system The PAPSA provides for two levels of emergency measures. The first level is triggered when the uninterrupted supply of oil and the satisfaction of Korea’s oil demand is threatened by events in Korea or abroad or when disturbances in the oil market threaten Korea’s public order or national economy (article 21(1) PAPSA).An aggravated energy emergency exists when the uninterrupted oil supply is threatened in…
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Oil Market Report - December 2017
…countries. Highlights Our forecast for global demand growth remains unchanged at 1.5 mb/d in 2017 (or 1.6%) and 1.3 mb/d in 2018 (or 1.3%). Revisions have been made to data for Nigeria, Germany and Iraq. The baseline for oil demand has been raised by roughly 0.2 mb/d.Global oil supply rose 0.2 mb/d in November to 97.8 mb/d, the highest in a year, on the back of rising US production. Output was nonetheless down 1.1 mb/d on a year ago when Russia and Middle East OPEC producers pumped at record rates. Non…
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Oil Market Report - August 2019
…in July and is set to grow by 1.9 mb/d in 2019 and 2.2 mb/d next year.After a year-on-year fall in 1H19, global refining throughput is expected to pick up in the second half of the year, increasing by 0.7 mb/d. This follows the pattern of refined product demand growth, which was subdued in 1H19, but is forecast to rebound in 2H19. In 2019, China and the Middle East are alone in seeing growth in refining activity. Highlights Global demand fell 160 kb/d y-o-y in May, the second annual fall seen in 2019…
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Oil Market Report - December 2018
…in the US, Middle East and China. Lower crude prices helped margins, although the gasoline-focused US Gulf Coast lagged behind.OECD commercial stocks rose in October for the fourth consecutive month, by 5.7 mb, to 2 872 mb. They were above the five-year average for the first time since March. NGL and feedstock inventories hit a historic high whereas fuel oil stocks fell to a record low.Having fallen by 30% since early October, oil prices stabilised with ICE Brent close to $60/bbl and NYMEX WTI at $52/bbl. Weak demand weighed on gasoline and naphtha markets. Freight rates…
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Oil Market Report - April 2018
…and in recent days have risen above $70/bbl to levels not seen since December 2014. Tension in the Middle East is a key factor alongside tighter compliance with the OPEC/non OPEC output deal.After 1Q18's peak refinery maintenance in Europe and the US, global throughput will see a seasonal ramp-up in 2Q18. From March to July, runs will increase by 3.1 mb/d, but supply of refined products will lag behind demand growth. Highlights Our forecast for global oil demand growth for 2018 is unchanged from last month's report at 1.5 mb/d. OECD demand in…
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Latin America Energy Outlook 2023
World Energy Outlook Special Report Latin America and the Caribbean is a region that stands out in the global energy sector. It boasts extraordinary natural resources – both fossil fuels and renewable energy – and a significant share of the world’s critical minerals. It also has a history of ambitious policy making in pursuit of stronger energy security and greater sustainability that has delivered one of the cleanest electricity mixes in the world. As the region emerges from a period of sluggish economic growth, countries in Latin America and the Caribbean now stand to leverage these resources to revitalise their economies…
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Oil Market Report - September 2018
…of 32.63 mb/d in August. A rebound in Libya, near record Iraqi output and higher volumes from Nigeria and Saudi Arabia outweighed a substantial reduction in Iran and a further fall in Venezuela.From August's record rate of 83.5 mb/d, global crude runs decline due to maintenance before surging in December to another record high of 84.5 mb/d. US refining is booming with runs almost reaching 18 mb/d in August, while Latin American activity continues to fall.OECD commercial stocks rose 7.9 mb in July to 2 824 mb, only the fourth monthly increase in the last year…