Korea Diversifies Oil Supplies Amid Middle East War Uncertainty

Korea plans to reduce its reliance on Middle Eastern oil from 70% to below 50% by 2035, as the country seeks to diversify its energy sources and mitigate supply chain risks.

The move comes after a seven-month-long Middle East war that has exposed the vulnerabilities of South Korea's resource security. The government aims to spread supplier countries, shipping routes, contract structures, and stockpiles in advance to build a crisis-resilient supply chain.

The Basic Plan for Resource Security sets the direction of policy for the next decade and focuses on shifting from 'just-in-time' to 'just-in-case' preparedness. The plan emphasizes managing bottlenecks by country and shipping lane, rather than just securing resources.