South Korea Aims for 50% Middle East Oil Dependence Reduction by 2035

South Korea is overhauling its energy security strategy to reduce its dependence on Middle Eastern crude oil. The country aims to decrease its reliance on the region's supplies from 70% in 2025 to 50% by 2035, according to a new 10-year natural resources security plan.

The plan, announced by South Korea's Industry Ministry, also calls for diversifying crude sourcing and strengthening strategic inventories. The government plans to increase crude oil stockpiles by approximately 20 million barrels by 2030 to provide greater flexibility during periods of geopolitical instability or supply shortages.

South Korea is not only focused on reducing its dependence on Middle Eastern oil but also on securing additional condensate and naphtha supplies. Condensate, an ultra-light hydrocarbon used as a feedstock for producing naphtha, is particularly important for the country's petrochemical industry.