South Korea Targets Reducing Middle Eastern Oil Dependence

The South Korean government is working on a plan to reduce the country's reliance on Middle Eastern crude oil to 60% or less. This move comes as industry has struggled with soaring prices due to the blockage of the Strait of Hormuz by the Middle East war in the first half of this year.

Last year, around 70% of South Korea's crude oil imports came from the Middle East, and the government aims to diversify its import sources. The plan is part of a new basic plan for resource security being prepared to strengthen energy security.

The Ministry of Trade, Industry and Resources plans to include concrete measures in the plan. An official at the ministry confirmed that they are preparing a basic plan for resource security in the direction of lowering the share of Middle Eastern crude oil, but emphasized that nothing has been finalized.