South Korea Targets 50% Middle East Crude Reliance by 2035

South Korea has set a target of reducing its reliance on Middle Eastern crude oil to 50% by 2035, as the country moves to diversify energy supplies in the wake of disruption caused by the Iran war.

The Industry Ministry outlined the goal in a 10-year natural resources security plan, saying the country requires a "fundamental shift" in its supply chains. The ministry pointed to the Iran conflict, which has choked global energy flows, as a key lesson behind the revised strategy.

South Korea is a heavy oil importer and drew 70% of its supplies from the Middle East in 2025, with most of that volume delivered through the Strait of Hormuz.

As part of the updated plan, the government has adjusted its crude stockpiling targets, aiming to add about 20 million barrels by 2030. It also intends to secure additional condensate supplies. Condensate is an ultra-light oil used mainly to produce naphtha, a key feedstock for petrochemicals, and the country has faced a shortage since the Middle East conflict began.

Imports meet roughly 45% of South Korea's naphtha demand, and 77% of those supplies are typically sourced from the Middle East.

For natural gas, the government aims to keep import dependence on the Middle East below 30% by 2035, after bringing it down to 20% in 2025.

The roadmap also expands the country's list of critical minerals to 51 from 38, adding 10 rare earths along with germanium, a material important for semiconductor production, as part of efforts to strengthen supply chains.