Before dawn on September 11, a cargo ship loading 4 hundred thousand barrels of American gas condensate will arrive at Port of YOSU in Jeollanam-do, Korea. Korean oil industry is very concerned about that. It is the first time for 41 years that Korea imports oil from the U.S.
Korea may get rid of excessive dependence on Middle East gradually.
When Arabic countries adopted oil embargo to the U.S. in 1973, the U.S. is always strictly restricting oil export for ensuring steady energy supply and demand in homeland. However, with shale gas resolution breaking out, spare oil supply comes out gradually. In July, Department of Commerce stated that gas condensate and other refined oil were a type of good and allowed oil export
Korean experts analyze that if the channel that import gas condensate from the U.S. can be opened up, the risks caused by Korean excessive dependence on Middle East will be eased. ISIS has caused unsteady situations in Middle East, which becomes one of the largest disturbing elements impacting oil supply in Iraq.
After EU, Korea also asked for American government relaxing restrictions, allowing American oil refining corporations to export oil to Korea. In August, energy tem delegation of United States House of Representatives visited Korea and met Park Geun-hye, Korean President. At that time, Park Geun-hye referred to expect the U.S. to broaden limitation so that Korea can import light oil made in Texas and North Dakota from the U.S. directly.