Korea Tries to Diversify Energy Sources Amid War Disruptions

South Korea is aiming to reduce its reliance on Middle East crude oil imports by 2035, according to a recent announcement. The country currently obtains 70% of its supplies from the region and seeks to cut this figure to 50%. This move comes as part of efforts to diversify energy sources following disruptions caused by the war in Iran.

The South Korean Ministry of Industry has outlined a ten-year plan for natural resource security, citing the need for 'a radical transformation' in supply chains. The ministry noted that South Korea is also seeking additional quantities of condensates, an ultra-light oil often used in naphtha production.