South Korea, the world’s fifth largest crude oil importer, is set to purchase growing volumes of U.S. oil this year to the point of overtaking Canada as the top destination for American crude in 2020, Reuters estimates, as South Korea takes advantage of cheaper U.S. oil compared to Middle Eastern supplies. Last year, South Korea bought 13 percent of its crude oil supply from the United States, importing on average 375,000 barrels per day (bpd) from America, according to Reuters estimates. According to the latest EIA data for November 2019, U.S. crude exports to South Korea averaged 439,000 bpd, while exports to Canada were 482,000 bpd. In June, July, and September 2019, South Korea was the top destination of U.S. crude on a monthly basis, ahead of Canada. Based on Reuters calculations of data from Korea National Oil Corporation (KNOC), South Korean refiners paid on average $1.70 a barrel […]