South Korea Sets Sights on Reduced Regional Oil Reliance by 2035

South Korea aims to reduce its reliance on regional crude oil imports by 2035. The government has announced plans to diversify suppliers and stockpile more oil, following a Middle East conflict that exposed vulnerabilities in the country's resource security.

The plan involves adding 20 million barrels of oil storage capacity by 2030, expanding critical mineral stockpiles, and shifting procurement arrangements for crude grades. The goal is to bring reliance on any single region below 50% by 2035, down from nearly 70% currently.

Industry Minister Kim Jung-kwan said the Middle East conflict had 'reaffirmed that resource security is not simply a matter of securing cheap raw materials, but a matter of national survival that protects people's lives and industry.' The government will also support strategic mineral projects and strengthen recycling efforts to improve supply chains.

The country's current reliance on Middle Eastern crude oil has been gradually decreasing, with the region supplying 62.1% of imports in January-July 2026, down from 68.8% a year earlier. The US supplied 20.2% of crude imports, up from 16.4%, while Saudi Arabia remained the largest supplier at 30.9%.