South Korea Targets 50% Reduction in Middle East Oil Dependence by 2035

The South Korean government has set a goal to lower its dependence on Middle Eastern crude oil below 50% by 2035. Currently, the country relies on this region for about 70% of its crude oil imports.

To achieve this target, the government plans to diversify import routes, contract methods, and oil types for crude oil and natural gas. It will also expand support for diversification, including increasing subsidies for freight cost differences on non-Middle Eastern crude oil.

Additionally, the government aims to secure 20 million barrels of strategic reserves by 2030, which is equivalent to about seven days' worth of South Korea's daily oil consumption. This move comes in response to global events and conflicts that have highlighted the importance of resource security.