South Korea Targets Reduction in Reliance on Middle East Oil

South Korea has announced its intention to reduce its reliance on crude oil imports from the Middle East to less than 50% by 2035, amid disruptions to energy supplies stemming from the ongoing conflict in the region.

Yonhap News Agency reported that the South Korean Ministry of Foreign Affairs stated during a meeting on resource security that the government would work to lower its dependence on crude oil imports from any single geographic region to under 50% by 2035, as part of a policy aimed at diversifying supply sources and enhancing energy security.

South Korea relies heavily on oil imports, with the Middle East accounting for approximately 70% of its total crude oil imports in 2025.

The government also aims to reduce its reliance on natural gas imports from the Middle East to less than 30%. Qatar’s share of South Korea’s natural gas imports stood at 35.5% in 2016, before declining to under 20% currently, as Seoul moves to diversify its import sources.

South Korea is experiencing a decline in imports of crude oil, naphtha, and helium, amid the continued repercussions of the war in the Middle East and disruptions to shipping traffic through the Strait of Hormuz.