South Korea Targets 50% Cut in Middle East Oil Imports by 2035

South Korea has unveiled a plan to reduce its reliance on Middle East crude oil imports by half by 2035. The country's Industry Ministry said that this move is part of a broader effort to diversify energy supplies following the disruption caused by the Iran war.

The ministry cited lessons from the conflict, which choked off global energy flows and highlighted the need for a 'fundamental shift' in supply chains. Currently, South Korea relies heavily on oil imports, sourcing 70% of its supplies from the Middle East in 2025, most of it delivered through the Strait of Hormuz.

Under the updated strategy, the country aims to secure additional supplies of condensate, an ultra-light oil mainly used to produce naphtha. South Korea has struggled with a shortage of naphtha since the Middle East conflict, and currently relies on imports to satisfy about 45% of its demand.