South Korea Targets 50% Middle East Crude Import Share by 2035

Key Facts

South Korea has adopted a long-term resource-security plan targeting a reduction in Middle Eastern crude's share of its oil imports to 50% by 2035. That is a sourcing-mix target, not a plan to cut the volume of Middle Eastern imports by 50% or reduce total oil consumption by the same amount.

The strategy follows disruption from the Iran war and the risks created by concentrating supplies in one corridor. South Korea sourced 70% of its oil imports from the Middle East in 2025, with most cargoes moving through the Strait of Hormuz, leaving refiners and dependent industries exposed to a route closure.

The mechanism is to diversify purchasing regions, contracting methods, shipping routes and crude grades. A lower regional share reduces exposure to disruption affecting one supplier or corridor, although it can change freight costs and the crude slate available to refiners; the target alone therefore does not establish lower total Korean oil demand or a bearish price outlook.

The government also plans to expand oil stockpiling by about 20 million barrels by 2030 and secure additional condensate used to make naphtha. Larger inventories provide a time buffer when cargoes are delayed, while condensate helps refiners maintain feedstock supplies to the petrochemical sector during import disruptions.