Saudi Arabia’s crude share in South Korea falls below 30 percent

For the first time since 2021, Saudi Arabia’s share of South Korea’s crude oil imports has dropped below 30%. According to industry data, Saudi crude accounted for 29.90% of South Korea’s total imports from January through August, a decline of 1.01 percentage points from the previous month. The last time Saudi crude fell below this threshold was in 2021, when its share was 29.3%.

The reduction in Saudi imports reflects a broader trend of diversification by South Korean refiners. The Middle East’s overall share of South Korea’s crude imports also fell to 61.8% in the January-August period, marking the lowest level since 1986. This shift underscores efforts to mitigate geopolitical risks by reducing dependence on Middle Eastern oil.

Meanwhile, U.S. crude has gained ground, accounting for 20.7% of South Korea’s imports from January through April. This is the first time U.S. crude has exceeded the 20% mark, highlighting the growing role of American oil in the region’s energy mix.