South Korea to Reduce Middle East Oil Reliance and Expand Strategic Reserves by 2035
South Korea has announced a comprehensive plan to significantly reduce its dependence on Middle Eastern oil imports to below 50% by 2035. This initiative, outlined in the 'First Basic Resource Security Plan' approved by the Ministry of Trade, Industry and Resources, aims to diversify crude oil suppliers and strengthen the nation's energy security. Currently, nearly 70% of South Korea's oil imports originate from the Middle East. The plan also includes expanding oil storage capacity by an additional 20 million barrels by 2030, increasing both government reserves and international joint stockpiles. Furthermore, the government will broaden its critical mineral stockpiling program, increasing the number of covered minerals from 24 to 29 and extending reserve targets for vulnerable supply chains from 180 days to up to 365 days. This strategic shift is a direct response to lessons learned from Middle East conflicts and aims to establish a robust resource security framework.
