South Korea Secures Over 70 Million Barrels of Crude Oil for May, Reducing Dependence on Middle East
South Korea secured 74.62 million barrels of oil for May, reducing its dependence on Middle Eastern crude from 69% to 56%. Through alternative procurement from the Americas and Africa and the use of routes avoiding the Strait of Hormuz, the government ensures energy security amidst regional conflict.
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- 📰 Published: April 24, 2026 at 17:25
- 🔍 Collected: April 24, 2026 at 17:32 (6 min after Published)
- 🤖 AI Analyzed: April 24, 2026 at 21:28 (3h 56m after Collected)
Amid instability in crude oil supply caused by the Middle East war, South Korea's Presidential Chief of Staff Kang Hoon-sik stated today that 74.62 million barrels of crude oil have been secured for May. This indicates that efforts to find alternative procurement sources have been successful, noting that dependence on Middle Eastern crude has dropped to 56%.
According to Yonhap News, Kang Hoon-sik mentioned today that crude oil supply is not a cause for major concern, and efforts are fully dedicated to securing alternative supplies. The 74.62 million barrels secured for May represent 87% of last year's average monthly import volume.
The report pointed out that after the outbreak of the Middle East war, April's crude oil supply was only 57% of the historical average; this achievement is interpreted as a sign that alternative procurement efforts are paying off. Kang stated, 'By securing additional supplies from the Americas, Africa, and other regions, we have reduced dependence on Middle Eastern crude oil from 69% to 56%, a decrease of 13 percentage points.'
Kang emphasized that not only have the source countries for crude oil imports been diversified, but tanker routes have also become more varied. For May, imports of 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates have been confirmed, transported via alternative routes that do not pass through the Strait of Hormuz. 'This is the result of rapid response through government and private sector cooperation,' he said.
Regarding the supply status of other raw materials, Kang took naphtha as an example, stating that 2.1 million tons were secured during his visit to the Middle East as a special envoy for strategic economic cooperation. If imports begin sequentially from the end of this month, the current red alert will turn yellow, and the operation rate of petrochemical companies is expected to rise.
As for asphalt supply, which is currently on red alert, Kang said, 'The government is conducting a comprehensive investigation, adjusting the timing of project bidding, and prioritizing supply for emergency projects through public-private consultative bodies.'
Kang stressed, 'Under the uncertainty of the Middle East war, the South Korean economy remains solidly supported and continues to move forward.' He mentioned that South Korea's economic growth rate in the first quarter of this year was 1.7%, the highest in five and a half years. 'Although we encountered sudden risks, we have maintained the economic recovery trend since the new government took office, relying on the explosive growth of semiconductor production and exports, and the government's rapid and decisive response.'
According to Yonhap News, Kang Hoon-sik mentioned today that crude oil supply is not a cause for major concern, and efforts are fully dedicated to securing alternative supplies. The 74.62 million barrels secured for May represent 87% of last year's average monthly import volume.
The report pointed out that after the outbreak of the Middle East war, April's crude oil supply was only 57% of the historical average; this achievement is interpreted as a sign that alternative procurement efforts are paying off. Kang stated, 'By securing additional supplies from the Americas, Africa, and other regions, we have reduced dependence on Middle Eastern crude oil from 69% to 56%, a decrease of 13 percentage points.'
Kang emphasized that not only have the source countries for crude oil imports been diversified, but tanker routes have also become more varied. For May, imports of 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates have been confirmed, transported via alternative routes that do not pass through the Strait of Hormuz. 'This is the result of rapid response through government and private sector cooperation,' he said.
Regarding the supply status of other raw materials, Kang took naphtha as an example, stating that 2.1 million tons were secured during his visit to the Middle East as a special envoy for strategic economic cooperation. If imports begin sequentially from the end of this month, the current red alert will turn yellow, and the operation rate of petrochemical companies is expected to rise.
As for asphalt supply, which is currently on red alert, Kang said, 'The government is conducting a comprehensive investigation, adjusting the timing of project bidding, and prioritizing supply for emergency projects through public-private consultative bodies.'
Kang stressed, 'Under the uncertainty of the Middle East war, the South Korean economy remains solidly supported and continues to move forward.' He mentioned that South Korea's economic growth rate in the first quarter of this year was 1.7%, the highest in five and a half years. 'Although we encountered sudden risks, we have maintained the economic recovery trend since the new government took office, relying on the explosive growth of semiconductor production and exports, and the government's rapid and decisive response.'