South Korea Targets 50% Crude Import Reduction by 2035

South Korea has set its sights on reducing its reliance on Middle Eastern crude oil imports to just 50% by 2035. The country's industry ministry has drafted a 10-year natural resource security plan, which aims for a 'fundamental shift' in how South Korea sources its imports.

The current dependence on Middle East crude is around 70%, and most of it passes through the Strait of Hormuz. The country also imports a significant amount of gas from the region, although this accounts for only about 20% of total imports last year.

To achieve its goal, South Korea plans to increase its oil reserves by 20 million barrels by 2030. This is in response to recent disruptions caused by the Hormuz crisis, which prompted Seoul to set a ceiling on fuel prices and impose driving limits for civil servants to handle potential shortages.