South Korea sharply reduced its purchases of Iraqi crude oil, with imports falling 42.4% compared to the same period last year. The country imported around 800,000 tons of Iraqi oil, equal to about 5.84 million barrels.
According to the Korea International Trade Association, South Korea’s oil imports from the Middle East also dropped significantly, falling 37.3% year-on-year. At the same time, the country’s total oil imports from all sources declined by 22.8%.
The association said the decrease was mainly linked to supply disruptions and changes in where South Korea is sourcing its oil.
Overall, South Korea imported 4.49 million tons of crude oil from Middle Eastern countries, or about 32.78 million barrels. As a result, the Middle East’s share of South Korea’s total oil imports fell to 53.1%.
The figures highlight a major shift in South Korea’s energy import strategy as it looks to diversify supplies and reduce dependence on traditional sources.
