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

South Korea has set ambitious targets to reduce its reliance on Middle Eastern crude oil imports. By 2035, the country aims to lower its dependence on crude oil imports from the region to just 50%, down from 70% in 2025. This goal is part of a broader natural resource security strategy designed to diversify energy sources following global energy supply disruptions tied to the Iran war.

The ministry described the required shift as a 'radical transformation' of supply chains, citing lessons drawn from the Iran war's impact on global energy flows. Crude oil imports remain central to South Korea's energy system, with 70% of its crude oil supply originating in the Middle East and transiting through the Strait of Hormuz in 2025.

The government also aims to secure additional volumes of condensate, an ultra-light form of crude oil widely used in naphtha production. Naphtha serves as the primary feedstock for the petrochemical industry, which has faced a shortage since the outbreak of hostilities in the Middle East, directly affecting domestic petrochemical manufacturing capacity.