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Category: SouthKorea

Shale Boom Redraws Oil Routes as Alaskans Ship to Korea

October 31, 2014 Posted by Chris Wysong

Alaskan oil was shipped to South Korea this month for the first time in eight years, with the expectation of more orders to come. South Korea is looking to reduce its dependance on OPEC and has started to lay the groundwork for a relationship with the U.S. This comes on the heels of mitigated American export rules, while the U.S. is forecasted to export more energy than it imports by 2025. Shale Boom Redraws Oil Routes as Alaskans Ship to Korea By: Heesu Lee (Bloomberg) For signs of how the U.S. shale boom is transforming the global flow of oil, look halfway across the world at South Korea. The Asian nation, which relies on the Middle East for about 86 percent of its oil imports, is benefiting as new output from Texas to North Dakota displaces the crudes that fed U.S. refineries for decades. South Korea received this month a shipment of Alaskan oil for the first time in at least eight years and may buy more, the importing company said. The country was one of the first to receive

Posted in Oil, Policy, US, SouthKorea
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