South Korea Targets Reduced Dependence on Middle Eastern Oil by 2035

South Korea has outlined plans to reduce its reliance on crude oil from the Middle East by 2035, as part of efforts to diversify energy supplies. The country currently sources 70% of its crude oil imports from the Middle East, with most deliveries passing through the Strait of Hormuz.

The Industry Ministry announced a 10-year natural resources security plan, which includes reducing dependence on Middle Eastern oil to 50% by 2035. To achieve this goal, South Korea aims to expand its stockpiling capacity for crude oil, targeting an increase of around 20 million barrels by 2030.

The country also seeks to secure additional supplies of condensate, a light oil used to produce naphtha. South Korea relies on imports to meet about 45% of its naphtha demand, with 77% of those supplies typically sourced from the Middle East. The government aims to cap natural gas import dependence on the Middle East at below 30% by 2035, down from 20% in 2025.

The plan will also expand South Korea's list of critical minerals to 51 from 38, adding rare earths and germanium to strengthen supply chains. The latter is crucial for producing semiconductors.