The Korea National Oil Company has reported that South Korea's crude oil imports in the first half of 2008 were 434.1 million barrels, a decrease of 1.2%, compared with the same period of 2007, owing to the domestic consumption decrease as a result of high oil prices.

Imports from Asia including Russia decreased, while those from the Middle East including Qatar and Oman increased. South Korea’s dependence on oil imports from the Middle East increased by 6.2 percentage points to 85%, year-on-year.

The average volume imported per day was 2.38 million. Crude imports in June 2008 marked a 4.5% decrease, compared with the same month of 2007, due to routine maintenance shut downs at South Korean refiners SK Energy and Hyundai Oilbank.

The average unit price of crude imports in the first half of 2008 was $102.35 per barrel, a $41.10 gain compared with the same period of 2007. The value of crude imports was $44.42 billion for the first half of 2008, a 65.1% increase year-on-year, as the average unit price rose.