South Korea's government is reviewing a plan to cap the share of crude oil imported from the Middle East at 60% or less, under a Basic Plan for Resource Security. The initiative comes as the country's oil industry reels from the disruption of the Strait of Hormuz during the first half of this year, when the waterway was blocked because of the Middle East war, sending crude and petroleum prices higher. South Korea's reliance on Middle East crude was around 70% last year. The proposed target of 60% or below is meant to diversify import sources, according to BlockBeats citing Jinshi.
South Korea's government is reviewing a plan to set the share of Middle East crude in its oil imports at 60% or below, as part of the Basic Plan for Resource Security.
The draft plan comes as the country's oil industry faces severe strain. In the first half of this year, the Strait of Hormuz was disrupted due to the Middle East war, sending crude and petroleum prices soaring. South Korea depended on the Middle East for roughly 70% of its crude imports last year. The proposed ceiling of 60% or less is intended to diversify import sources. (Jinshi)
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