The ongoing conflict in the Middle East is rapidly changing the landscape of oil imports for South Korea. As supply concerns surrounding the Strait of Hormuz grow, the country's reliance on Middle Eastern crude oil has decreased, while the share of U.S. crude oil imports has surpassed 20% for the first time in the first half of this year.
According to the Korea Petroleum Association and the Korea National Oil Corporation, South Korea's crude oil imports in the first half of the year totaled 467.12 million barrels, an 8% decrease compared to the same period last year. However, due to a surge in international oil prices, the value of these imports rose by 8.1% to $41.367 billion (approximately 58.4 trillion won).
By country, Saudi Arabia remained the largest supplier, with imports of 142.47 million barrels, accounting for 30.5% of the total. This marks a decline from 33.1% in the same period last year, as the country barely maintained its position above 30%. The ongoing conflict has led to blockades in the Strait of Hormuz and attacks on oil facilities, disrupting Saudi oil supply and exports.
U.S. crude oil imports reached 95.87 million barrels, making up 20.5% of the total, a significant increase from 16.5% in the previous year. This is the first time U.S. imports have exceeded 20% in a half-year period. The United Arab Emirates (UAE) followed with 15.1%, Iraq at 7.4%, and Kuwait at 4.9%.
The UAE, which has the Fujairah port as an alternative route to the Strait of Hormuz, saw its share rise from 11.9% to 15.1%. In contrast, Iraq and Kuwait experienced declines of 2.6 percentage points and 3 percentage points, respectively, due to the blockade.
Regionally, the share of Middle Eastern crude oil imports fell from 68.7% in the first half of last year to 62.3% this year, a decrease of 6.4 percentage points. Meanwhile, the share of crude oil from the Americas increased from 23.4% to 26.5%, while imports from Africa rose from 2.0% to 5.6%, and from Asia from 5.1% to 5.5%.
In contrast, South Korea's petroleum product exports saw a decline, with a 7.5% drop to 226.23 million barrels, largely due to export restrictions on key items.
Industry experts believe that even if the situation in the Middle East stabilizes, it will be challenging to quickly restore the previous level of dependence on Middle Eastern oil. The current crisis has highlighted the importance of supply chain stability for refiners, and the need to expand energy imports from the U.S. and other non-Middle Eastern sources may increase.
* This article has been translated by AI.
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