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Bloomberg
Brexit is threatening to spoil the appeal of the UK’s crude in the world’s biggest regional oil market. Seoul-based SK Innovation Co., an Asian buyer of North Sea Forties crude, sees a lower probability of purchases if the UK and South Korea don’t roll over an existing trade deal before Brexit.
That’s after British Business Secretary Greg Clark admitted that current agreements are unlikely to be extended before his country’s scheduled departure from the European Union on March 29.
The United Kingdom’s exit will mean the return of a 3 percent import tariff on Forties crude purchases that was waived by South Korea under a free-trade agreement with the EU since 2011.