US Crude Surpasses 20% of South Korea's Oil Imports Amid Middle East Unrest

South Korea's oil imports have seen a significant shift in the first half of this year, with US crude oil accounting for more than 20% of the country's total imports for the first time. This marks a notable change from previous years, where Saudi Arabia was the top supplier.

The data compiled by the Korea Petroleum Association and Korea National Oil Corporation shows that South Korea imported 467.12 million barrels of crude oil in the first half, down 8% from the same period last year. However, the cost of these imports rose 8.1% to $41.37 billion, driven by higher global oil prices.

The share of US crude oil in South Korea's imports increased to 20.5%, with 95.87 million barrels imported. This represents a 4 percentage point increase from the same period last year. Saudi Arabia still holds the largest share at 30.5%, but its contribution has decreased by 2.6 percentage points.

The shift in oil imports is largely due to instability in the Middle East, which has disrupted both Saudi supply and exports. The Strait of Hormuz was blocked, affecting global oil trade.