South Korea Aims to Cut Middle East Oil Imports in Half by 2035

South Korea has unveiled plans to reduce its dependence on crude oil imports from Middle Eastern producers by half by 2035, according to a report by Reuters. The country's industry ministry drafted a ten-year natural resource security plan that aims to diversify its supplier network and reduce reliance on the region.

The plan also calls for increasing oil reserves by approximately 20 million barrels by 2030. Currently, South Korea imports around 70% of its crude oil from Middle Eastern producers, with most of this supply transiting through the Strait of Hormuz.

South Korea's dependence on Middle Eastern imports makes it vulnerable to disruptions in the region, as seen during the recent war in the Persian Gulf. To mitigate this risk, Seoul has been working to diversify its supplier network and reduce its reliance on a single region.