South Korea Sees Sharp Decline in Iraqi Oil Imports

South Korea's crude oil imports from Iraq have significantly decreased in August 2026, with the country ranking as the sixth-largest supplier to South Korea. According to official data, Iraq supplied 3.82 million barrels of crude oil to South Korea in August 2026, a decline of approximately 7.27 million barrels compared to the same month last year.

The figures show that Saudi Arabia was the largest exporter of oil to South Korea in August 2026, supplying 21.66 million barrels. The United States followed with 17.92 million barrels, while the UAE ranked third with 16.76 million barrels. Kuwait provided 7.58 million barrels, and Oman contributed four million barrels.

This marks a decline in the share of Iraqi oil in the South Korean market compared to the previous year. In contrast, the value of South Korea's oil imports increased by 8.1 percent to $41.36 billion as global oil prices surged.