South Korea Targets Reduced Oil Reliance on Middle East by 2035

The South Korean government has set its sights on reducing the country's reliance on Middle Eastern oil by 2035. Currently, about 70% of South Korea's oil imports come from the region, but this is expected to drop below 50% in a decade.

As part of its efforts to achieve this goal, the government plans to build new oil storage facilities with a combined capacity of 20 million barrels by 2030. This will not only help reduce reliance on Middle Eastern crude but also provide a more stable mix of suppliers through long-term contracts with oil-producing countries.

The Ministry of Trade, Industry and Energy has approved four measures as part of its resource security plan. These include expanding the list of critical minerals subject to government management from 38 to 51, including 10 rare-earth elements and 13 minerals such as fluorspar, phosphorus and germanium.