South Korea Targets Lower Oil Reliance
South Korea plans to reduce its crude oil reliance on the Middle East to 50 percent by 2035. The strategy aims to diversify energy supplies and secure critical mineral supply chains following recent global disruptions.
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South Korea will cut its Middle Eastern crude oil imports to 50% by 2035, down from 70% in 2025. The strategy follows supply chain disruptions caused by the Iran war, the Ministry of Trade, Industry and Energy said on Wednesday morning. The pivot aims to protect South Korea's petrochemical sector from regional chokepoints like the Strait of Hormuz.
