S. Korea’s Oil Consumption Falls for First Time in Five Years

From Kuwait News Agency

South Korea’s oil consumption fell for the first time in five years in 2013 as the country used more electricity and city gas to meet its heating and miscellaneous energy needs, the Seoul-based Yonhap News Agency reported Thursday.

According to numbers provided by the state-run Korea National Oil Corp. (KNOC), petroleum product consumption reached around 826.84 million barrels last year, a 0.1 percent dip from the tally taken for 2012.

The last time oil product consumption contracted was in 2008 as the global financial crisis fueled economic uncertainties and caused people and industries to cut back on spending, the KNOC said.

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