South Korea plans to cut Middle East oil reliance to 50% by 2035

South Korea has announced a 10-year natural resources security strategy designed to reduce its exposure to disruptions in Middle Eastern energy supplies. The Industry Ministry said the country aims to cut the share of crude oil sourced from the Middle East to 50% by 2035, down from about 70% in 2025. The plan also calls for roughly 20 million barrels of additional crude storage capacity by 2030. Officials cited lessons from the Iran war and disruption around the Strait of Hormuz. The strategy also seeks more diversified supplies of condensate and naphtha, a lower dependence on Middle Eastern natural gas, and an expanded list of critical minerals. The government says the objective is to make energy and industrial supply chains more resilient to future shocks.