Oil consumption falls amid economic slump in 2008

SEOUL, Jan. 29 (Yonhap) -- South Korea's oil consumption fell in 2008, the first
contraction in four years, as overall demand slumped amid a deepening economic
downturn, industry data said Thursday.
According to the data provided by the state-run Korea National Oil Corp., South
Koreans consumed 760.7 million barrels of oil last year, down 4.3 percent from a
year earlier and the first time that oil consumption has declined since 2004.
The fall comes as oil prices have plunged by more than half since reaching their
peak in mid-July as demand for gasoline, naphtha and other crude products are
fast slumping due to the global economic slowdown.
The report showed that South Koreans consumed a total of 311.4 million barrels of
naphtha, down from the previous year's 316.8 million barrels. Consumption of
Bunker C oil also dropped to 67.7 million barrels from 89 million barrels a year
earlier.
Gasoline consumption, however, inched up 0.7 percent to 62.9 million barrels last
year with demand spiking in December, according to the report.
kokobj@yna.co.kr
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