S. Koreans reduces oil consumption amid economic slowdown

SEOUL, Nov. 24 (Yonhap) -- South Korea's consumption of oil-related products
declined sharply in October despite recent falls in international crude oil
prices as consumers cut back on spending amid deepening recession woes, data
showed Monday.

According to the data compiled by the Korea National Oil Corp., South Korea's
consumption of oil-related products excluding Naphtha amounted to 35.84 million
barrels last month, down 16 percent from the same month a year earlier.
The year-on-year decline is larger than a 13.9 percent plunge recorded in June
when the nation was hit by surging crude oil prices and massive strikes by
truckers.
Oil prices have more than halved since peaking in mid-July but deepening concerns
over an economic slowdown caused people to avoid driving along with other
spending, observers said.
The decline was most conspicuous in the household and commercial sectors, where
combined oil spending fell 25.9 percent from a year earlier.
The industrial sector also saw its oil spending decline 14.1 percent, while
transportation companies cut back on expenditure on oil-related products by 12.4
percent, the data showed.
By product, gasoline consumption fell 9 percent to 4.92 million barrels in
October and diesel consumption plunged 18.6 percent to 13.27 million barrels,
according to the data.
kokobj@yna.co.kr
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