South Korea plans to cut its reliance on Middle Eastern crude oil to 50% by 2035, as the country seeks to diversify its energy supplies following disruptions caused by the war in the Middle East (South Korea’s Trade, Industry and Energy Ministry statement, 22/09/2026).
In its 10-year natural resources security plan, the ministry called for a fundamental transformation of the country's supply chains. “We will establish a stable import structure for crude oil and natural gas by diversifying import routes, methods, and types, and enhance supply chain resilience by jointly strengthening the stockpiling capabilities of both the government and the private sector” according to the statement. According to the plan, dependence on the Middle East stands at approximately 70%, while 61% of import volumes transit through the Strait of Hormuz (2025).
No storage capacity has been added since the 4th Petroleum Reserve Plan (2014-2025). However, under the revised strategy, the government plans to expand storage facilities by 20 mbl by 2030 to secure additional crude oil. It also intends to use the expanded facilities to increase strategic oil reserves and international joint reserves with oil-producing countries. South Korea also intends to secure additional supplies of condensate, an ultra-light oil primarily used in the production of naphtha, the ministry said.
For natural gas, the government aims to reduce its reliance on Middle Eastern imports to below 30% by 2035, after bringing the share down to 20% in 2025.
In addition, the natural resources security plan expands the list of critical minerals from 38 to 51, adding 10 rare earths and germanium (sued for semiconductors) to the list.
South Korea relies heavily on imports to meet its crude oil demand: total crude oil and NGL imports reached 138 Mt in 2025. In addition, the country is the world's third-largest LNG importer, behind China and Japan. LNG import volumes increased by 4.5%/year between 2019 and 2022 and have remained broadly stable since then, reaching 67 bcm in 2025 (Enerdata Global Energy Research).
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