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

South Korea has set ambitious goals to diversify its energy supply chains in response to recent disruptions. The country aims to reduce its reliance on Middle East crude oil imports to 50% by 2035, as stated in its 10-year natural resources security plan.

The current reliance on the Middle East is significant, with 70% of South Korea's oil supplies sourced from this region in 2025. The Strait of Hormuz, a major chokepoint for global energy flows, has been particularly affected by recent conflicts.

Under the updated strategy, South Korea plans to expand its crude oil stockpiling plan by around 20 million barrels by 2030 and secure additional supplies of condensate to address naphtha shortages. The country relies on imports for about 45% of its naphtha demand, with 77% typically sourced from the Middle East.