South Korea’s purchases of U.S. oil and gas this year will hold to the rapid pace set in 2018, likely narrowing its trade surplus with the world’s top economy further and bolstering its ties to Washington.
Source: www.reuters.com
The U.S. continues to position itself as a leading producer and exporter by increasing its oil & gas output. Also, its trading partners are raising imports as well as other large oil importers which is becoming critical for U.S. crude oil economics. This will help the U.S. reduce its deficit with its trading partners. One such close trading partner, South Korea is expected to increase imports of Oil and liquefied natural gas (LNG) from the U.S., likely narrowing trade surplus as well as further building good relations with the world’s top economy. According to trade flow data from Refinitiv Eikon, in January and February, South Korea is expected to import 18 million barrels of crude oil (four-fold jump over the year earlier period) and 900,000 tonnes of LNG.
