Korea plans to reduce its dependence on Middle East oil to 60 per cent or less

On 7 August, the Korean Government was considering a plan to set the percentage of Middle Eastern crude oil imports at 60 per cent or less in the Resource Security Basic Plan. According to the information received, the plan was developed at a time when the Korean oil industry had been severely hit. In the first half of this year, the Strait of Hormuz was interrupted by the war in the Middle East and oil prices surged. Last year, South Korea relied on about 70 per cent of crude oil in the Middle East, and this time the goal was to diversify its import sources by reducing it to 60 per cent or less. Kim Xian