South Korea Diversifies Oil Imports Amid Middle East Tensions

The South Korean government has announced plans to reduce its reliance on Middle Eastern oil imports by cutting their share to below 50% by 2035. Currently, about 70% of Korea's crude oil comes from the Middle East.

To mitigate potential disruptions in supply, the government will diversify both supplier countries and shipping routes for oil imports. This move aims to reduce vulnerability in the face of recent instability in the region.

The Ministry of Trade, Industry and Energy has also decided to ease shipping cost burdens for refiners importing non-Middle Eastern crude. Reimbursements for freight costs will be capped at the amount of levies paid during the period.