South Korea Targets Reduced Reliance on Middle East Crude by 2035

South Korea has announced plans to reduce its reliance on Middle East crude oil imports to 50% by 2035. The move is part of efforts to diversify energy sources after disruptions caused by the war in Iran.

The South Korean Ministry of Industry stated that the country needs a 'radical transformation' in supply chains, citing lessons from the conflict. As it stands, South Korea relies heavily on oil imports, with 70% of its supplies coming from the Middle East in 2025.

The government is also seeking to secure more condensates, an ultra-light oil used in naphtha production. South Korea has struggled with a shortage of naphtha since the outbreak of conflict in the Middle East.