September 23, 2026 [Oil Price]- South Korea aims to reduce its reliance on Middle Eastern crude oil imports to 50% by 2035, as reported by its industry ministry. This goal is part of a 10-year natural resource security plan that includes increasing oil reserves by 20 million barrels by 2030. Currently, South Korea imports 70% of its crude from the Middle East, primarily through the Strait of Hormuz. Additionally, the country seeks to limit its gas imports from the region to 30% over the next decade. The initiative follows recent disruptions due to the Persian Gulf conflict, prompting efforts to diversify energy sources.

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