Introduction – South Korea’s Oil Market: A Quantitative Overview
When it comes to oil, South Korea might not be the first name that pops into your head. But dig a little deeper, and you’ll see a country that punches well above its weight—not in production, but in refining and exports. Despite having minimal domestic oil production—just around 108,419 barrels per day—South Korea ranks as the 8th largest oil consumer globally, using over 2.6 million barrels daily. That’s a huge gap, and it’s bridged by imports and world-class refining capabilities.
South Korea imports nearly 3 million barrels of crude oil each day and refines it at a capacity of 3.4 million barrels daily. In fact, it’s home to three of the top ten largest oil refineries on the planet. Naturally, this makes the country a heavyweight exporter of refined petroleum products.
In 2024 alone, South Korean refiners exported a whopping 490.45 million barrels of petroleum products. The most popular types? Gasoline and diesel. Key customers include Australia, Japan, Singapore, the U.S., and China.
So, if you’re in the oil trade—or planning to be—South Korea isn’t just relevant. It’s essential. But here’s the kicker: Not all suppliers are created equal. That’s where data-driven platforms like Freshdi come in. By analyzing RFQs, supplier certifications, and real-time performance feedback, Freshdi helps buyers make informed decisions in a fast-moving market.
Let’s explore deeper and break down the numbers, trends, top players, and how you can navigate this complex landscape.
Deep Dive – Key Production, Export Statistics & Market Signals
South Korea’s oil story is all about transformation. The country imports crude, turns it into high-value refined products, and ships it out across the globe.
In 2024:
- Gasoline Exports: 111.89 million barrels
- Diesel Exports: 201.66 million barrels
- Total Petroleum Exports: 490.45 million barrels (up 4.8% YoY)
The top five destinations?
– Australia: 18%
– Japan: 12.9%
– Singapore: 12.5%
– United States: 8.8%
– China: 8.7%
This export strength is backed by four refining giants—SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank.
Want even more precise market signals? Freshdi tracks real-time RFQ volumes and buyer inquiries, offering insights into which suppliers are trending and which products are in hot demand—from base oils to engine lubricants.
Top 3 Verified Oil Suppliers in South Korea – Leading Exporters by Volume
These suppliers have been vetted for export volume, global presence, certifications, and positive buyer feedback on platforms like Freshdi. If you’re searching for dependable partners, these names should be on your radar.
1. Kims Industry Co., Ltd.
Kims Industry stands out for its wide range of oil products, including industrial lubricants and refined base oils. With a solid international client base and verified export volumes, it’s a go-to supplier for bulk buyers seeking consistency and quality.
2. Krasia Co., Ltd.
Known for its specialty in automotive oil filters and customized lubricant solutions, Krasia has carved out a niche in both domestic and overseas markets. Its product catalog is very popular on Freshdi, and the company has earned high marks for timely delivery and compliance.
3. Basic Korea
Basic Korea has an excellent track record in supplying high-grade synthetic oils and specialty lubricants. They serve both B2B and B2C markets and are particularly known for their customer support and OEM partnerships.
Dynamic Ranking Note:
It’s important to note that platforms like Freshdi offer dynamic rankings based on real-time data. Categories such as “Suppliers of the Month/Quarter” reflect recent trade activities, RFQ wins, and customer feedback, giving you updated insights on who’s leading the pack.
Market Navigation – Statistical Trends, Value Dynamics & Export Dynamics
Navigating the South Korean oil market in 2025 is like riding a rollercoaster—there are highs, lows, and lots of twists.
Export Trends in 2025
- Total Exports (Sept 2025): $65.95 billion, up 12.7% YoY
- Crude Oil Imports (Feb 2025): Down 13.9% YoY to 76.63 million barrels
This dip in crude oil imports was fueled by weak economic activity and refiners hunting for bargains in the spot market.
Demand Volatility and RFQ Insights
Freshdi’s RFQ data reveals that while demand for crude oil has dipped, interest in refined products like diesel and synthetic oils remains strong—particularly from Southeast Asia and the Middle East.
Seasonal Price Fluctuations
In October 2024, South Korean refiners cut run rates. The result? Gasoil exports dropped, and Asian gasoil prices surged. This seasonal squeeze highlighted how domestic demand can ripple across the region.
Policy Impacts
Effective November 2025, fuel tax cuts were reduced:
- Gasoline Tax Cut: From 10% → 7%
- Diesel & LPG Butane: From 15% → 10%
These changes are expected to slightly increase domestic fuel prices, impacting local consumption patterns and refinery margins.
External Market Influence
In October 2025, U.S. crude oil exports hit a 1.5-year high. South Korea was a major buyer, importing 690,000 barrels per day. This underscores how global supply shifts can reshape local sourcing strategies.
Conclusion – Leveraging Data for Optimized Supply Chains
South Korea may not sit on vast oil reserves, but it has mastered the art of value-added exports. With some of the largest, most sophisticated refineries in the world, the country plays a pivotal role in the global oil supply chain.
If you’re a business looking to source oil products from South Korea, data is your best friend. Use real-time insights, track supplier performance, and understand seasonal and policy-driven price changes.
Platforms like Freshdi are transforming how buyers connect with verified suppliers. From RFQ trends to dynamic supplier rankings and product certifications, Freshdi offers a one-stop solution to de-risk your procurement strategy.
Key Takeaways
- South Korea is a major global exporter of refined oil products.
- Domestic production is low, but refining capabilities are world-class.
- Export volumes are growing, particularly in diesel and gasoline.
- Verified suppliers like Kims Industry, Krasia, and Basic Korea lead the market.
- Platforms like Freshdi provide real-time data to guide smarter sourcing choices.
Themed Buyer Checklist: Sourcing Oil from South Korea
- ✅ Identify your specific product needs (e.g., base oil, diesel, lubricants).
- ✅ Check supplier certifications and export track record.
- ✅ Monitor seasonal trends and fuel tax changes.
- ✅ Use Freshdi to compare suppliers and track RFQ volumes.
- ✅ Review recent buyer feedback and performance data.
- ✅ Plan for shipping logistics and destination regulations.
- ✅ Stay alert to policy and price changes via market insights.
Future Outlook – What’s Next for South Korea’s Oil Market?
As the global energy landscape evolves, South Korea is positioning itself as not just a refiner, but an innovator. The recently announced potential 14 billion barrel oil and gas discovery could be a game changer. If confirmed, it could meet South Korea’s oil needs for up to four years.
Meanwhile, the petrochemical sector is undergoing restructuring to tackle overcapacity, and policy makers are fine-tuning fuel taxes to balance inflation and fiscal health.
All signs point to a more agile, tech-driven, and competitive oil export sector—and platforms like Freshdi will be essential in helping buyers stay ahead.
Frequently Asked Questions (FAQs)
1. Why is South Korea a major oil exporter despite low domestic production?
South Korea imports crude oil and refines it into high-quality petroleum products. Thanks to its massive refining capacity, it exports more refined oil than many oil-producing nations.
2. How does Freshdi help in sourcing oil suppliers?
Freshdi provides verified supplier listings, real-time RFQ tracking, performance reviews, and certifications. It helps buyers make informed choices and reduces procurement risk.
3. What are the most exported oil products from South Korea?
Gasoline and diesel are the top exports, followed by lubricants and other refined products.
4. Are oil prices from South Korea seasonal?
Yes, prices fluctuate based on refinery run rates, fuel tax changes, and global demand. For instance, prices usually spike in winter due to higher heating fuel demand.
5. How do I verify if a South Korean supplier is reliable?
Use platforms like Freshdi to check export history, certifications, and buyer feedback. Also, consider requesting samples or smaller trial shipments.
References
- Worldometers – South Korea Oil Data
- EIA – South Korea Analysis
- Global Economic Times – Export Volumes
- Reuters – Petrochemical Restructuring
- Reuters – Fuel Tax Cuts
- Argus Media – Oil Discovery
- S&P Global – Crude Imports
- Trading Economics – Export Prices
- Freshdi – Verified Supplier Listings
