CommoditiesMedium•5 October 2026•
1 min read
South Korea Triples Canadian Oil Imports as Saudi Market Share Hits 3-Year Low
Key Facts
1Saudi crude's share of South Korea's oil imports fell below 30% for the first time since 2021.
2South Korea plans to triple Canadian crude imports to diversify supplies amid Middle East crises.
Saudi crude's share of South Korea's oil imports fell below 30% for the first time since 2021. Oilprice.com reported that Saudi Arabia accounted for 29.9% of total imports in the first eight months of 2024, as South Korea plans to triple Canadian crude imports to diversify its energy sources.
The shift is driven by a strategy to mitigate risks associated with ongoing geopolitical instability in the Middle East. According to data from the Korea National Oil Corp and the Korea Petroleum Association, this diversification follows a period of economic pressure, with South Korean business confidence recorded at 79 on September 28, 2026.