South Korea plans to reduce Middle Eastern crude oil’s share of its oil imports from the current level of 70% to 50% or lower by 2035.
The decision was taken at a meeting of the Resource Security Council under the Ministry of Trade, Industry and Energy.
Import sources to be diversified
Import sources for crude oil are expected to be diversified against supply problems that could result from war or export restrictions.
Under the plan, the list of critical minerals in the supply chain will be expanded from 38 to 51.
Shipping support for refiners
The plan aims to reduce the shipping costs of refiners importing crude oil from regions outside the Middle East. In addition, minimum import volume requirements in some contracts will be temporarily lifted.