Oil supplies will remain tight despite record prices that have trimmed demand, according to the International Energy Agency.
Downsizing its estimate of how much oil will reach the market, the IEA predicted supply will exceed projected demand only by 2 million barrels a day.
The IEA is the energy watchdog for the Organization for Economic Cooperation and [...]

Despite a drop in the volume of oil imports, South Korea’s import bill rose sharply this month from a year earlier as international crude prices shot up, government data showed Sunday.
The country imported US$6.3 billion worth of crude in the first 27 days of March, with the amount likely to hover above $7.1 billion for [...]

South Korea intends on buying an oil sands mine in Cold Lake with a capacity of 250 million barrels.
The commerce ministry announced on July 2 that the purchase would be made official later this month, as part of its effort to secure South Korea’s oil needs. The purchase price is being kept confidential.
State-run Korea National [...]