A preliminary data released from the South Korean Ministry of Trade, Industry and Energy, showed that oil imports reduced 7.5% to 82.7 million barrels in December 2020 compared to 89.5 million barrels in the same month of the previous year, Reuters reported.

During 2020, the total crude oil imports fell 8.7% to 978.5 million barrels year on year (YoY).

According to Reuters, final data will be released later this month by the state- run Korea National Oil Corp (KNOC).