South Korea's Industry Ministry plans to cut Middle East crude oil imports to 50% by 2035

On September 23, 2026, South Korea's Industry Ministry announced a 10-year plan to reduce its reliance on Middle East crude oil from 70% in 2025 to 50% by 2035. The plan, prompted by the Iran war's disruption of global energy flows, includes expanding crude oil stockpiles by 20 million barrels by 2030 and securing more condensate supplies. It also targets cutting natural gas import dependence on the Middle East to below 30% by 2035 and expanding the critical minerals list to 51, adding rare earths and germanium.