South Korea to import 50 million barrels of oil amid US-Iran conflict

South Korea has secured agreements with alternative suppliers to import 50 million barrels of oil in April amid the ongoing conflict between the US and Iran, the Ministry of Trade, Industry, and Energy announced.

“The volume of supplies from alternative sources in April is estimated at 50 million barrels. May may see fluctuations, but the necessary volumes will be ensured,” said Yang Gi-wook, Director of the Ministry’s Resource Security Department.

Before the current crisis, South Korea imported an average of around 80 million barrels per month. Yang emphasised that 80 million barrels is an “average figure, not a mandatory minimum.”

Seoul is also considering additional imports from the US, Saudi Arabia, Oman, and Kazakhstan, with discussions ongoing about shipments from Algeria and Greece. Previously, South Korean companies also purchased crude oil from Russia. Around 70% of the country’s oil imports come from Persian Gulf states, with a significant portion passing through the Strait of Hormuz.

As of April 2, the Ministry raised the alert level for potential oil supply disruptions to level three out of four, a move aimed at strengthening control and ensuring import stability.