Refiners in South Korea, the world’s fifth-largest crude oil importer, have stepped up spot purchases from Iraq, Nigeria and other oil producing countries, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins.
With the Organization of the Petroleum Exporting Countries (OPEC) and other producers keeping crude taps open in spite of soft global demand growth, tens of millions of unbought barrels have built up in floating storage sites and dragged down international oil markets.
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