The government will also add 20 million barrels of oil storage capacity by 2030 and expand critical mineral stockpiles under its first long-term national resource security plan, the Ministry of Trade, Industry and Resources said Wednesday.
Industry Minister Kim Jung-kwan chaired a resource security council meeting that approved the plan alongside revised oil stockpiling measures, an expanded list of critical minerals and a new mineral stockpiling plan.
The measures aim to address supply vulnerabilities exposed by the Middle East war and shift policy toward longer-term preparation.
“The Middle East war has reaffirmed that resource security is not simply a matter of securing cheap raw materials, but a matter of national survival that protects people’s lives and industry,” Kim said.
Diversification is already underway, although the Middle East still supplied more than three-fifths of South Korea’s crude imports in the first seven months of 2026.
The region accounted for 62.1 percent of imports in January–July, down from 68.8 percent a year earlier, according to the Korea Petroleum Association’s July supply and demand report. In July alone, its share stood at 61.1 percent, compared with 69.5 percent a year earlier.
The United States supplied 113.17 million barrels in the first seven months, raising its share to 20.2 percent from 16.4 percent a year earlier.
Saudi Arabia remained the largest supplier at 173.18 million barrels, or 30.9 percent of imports, down from 33.2 percent. The United Arab Emirates accounted for 15.1 percent, followed by Iraq at 6.2 percent and Kuwait at 4.8 percent.
Total crude imports fell 5.4 percent from a year earlier to 560.30 million barrels in January–July, despite a July rebound of 9.8 percent to 93.18 million barrels.
Under the new plan, the government will diversify crude oil and natural gas supply routes, procurement arrangements and crude grades while strengthening public and private stockpiling capacity.
The additional oil storage facilities will accommodate government reserves and international joint stockpiles with oil-producing countries. The government also plans to secure more condensate, a light hydrocarbon feedstock, to support domestic naphtha production during emergencies.
Reducing Middle East dependence poses practical challenges for refiners whose facilities have been configured to process the region’s heavier, higher-sulfur crude. A rapid shift toward lighter alternatives such as U.S. oil can affect processing efficiency and profitability.
Longer shipping distances from alternative suppliers, competition for replacement cargoes and existing supply contracts also limit how quickly import patterns can change.
The resource security plan extends to critical minerals used in semiconductors, batteries and other industries.
The government will expand its designated critical minerals list from 38 to 51 by adding germanium, phosphorus, fluorspar and 10 rare-earth elements.
The number of minerals covered by its stockpiling program will rise from 24 to 29. For minerals with vulnerable supply chains, reserve targets will increase from 180 days to as much as 365 days, with coverage differentiated according to supply risks. Authorities will also assess total nationally available inventories, including public reserves, private holdings and materials available for recycling, to better gauge supplies that could be mobilized during a disruption.
The broader plan calls for supporting 10 strategic mineral projects, strengthening recycling and establishing a resource security fund to provide a stable investment base. The government will also expand cooperation with resource-rich countries and strengthen coordination among ministries in responding to supply crises.
“This is a long-term roadmap to fundamentally improve our resource supply chains, moving beyond the short-term, reactive responses repeated in every crisis,” Kim said.
AJP Takeaways
- South Korea aims to cap reliance on any single crude-supplying region at 50 percent by 2035 and add 20 million barrels of storage capacity by 2030.
- The Middle East supplied 62.1 percent of crude imports in January–July 2026, down from 68.8 percent a year earlier. The U.S. share rose to 20.2 percent.
- Critical mineral designations will expand to 51, with stockpile targets for vulnerable minerals rising to as much as one year.
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