South Korea targets lower Middle East oil reliance and larger strategic reserves

  • South Korea finalized its first statutory Resource Security Basic Plan for 2026-2035.
  • South Korea will raise non-Middle Eastern crude imports above 50% by 2035.
  • South Korea will add 20 million barrels of petroleum-storage capacity by 2030.

South Korea has finalized its first statutory Resource Security Basic Plan, covering 2026 through 2035, as a seventh-month Middle East war exposes the risks of concentrated suppliers and shipping routes. The government aims to raise non-Middle Eastern crude to more than 50% of imports by 2035 from about 30% now, reducing Middle Eastern reliance from about 70%. It will diversify imports from the Americas, Europe and Africa, support freight costs, pursue longer-term contracts and government-to-government cooperation, and help refineries process different crude grades. The plan also adds 20 million barrels of petroleum-storage capacity by 2030, including condensate for emergency naphtha production, and seeks to keep reliance on any single gas supplier below the 30% range. Critical-mineral management will expand to 51 items from 38, stockpiled materials to 29 from 24, and vulnerable-mineral coverage to as much as 365 days from 180. A total national available inventory system will count public and corporate stocks, recycled feedstock and secured overseas supplies. The government also plans a resource-security fund to support long-term stockpiling, critical-mineral procurement, research and development, and workforce training.

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