VLCC spot rates set to rally on ‘all-time high’ crude oil exports from US to South Korea

May could see an all-time high monthly volume of US crude oil exports to South Korea reaching 20 million barrels, if all signalled deliveries are realized, said oil consultancy Kpler.

Already in April, US crude arrivals to South Korea rose by nearly 200,000 barrels per day (kbd) month-on-month to hit 540 kbd, Kpler observed, further cementing its position as South Korea’s second-largest crude oil supplier.