Saudi Arabian crude oil makes up less than 30% of South Korea’s crude oil imports for the first time in five years, industry data show. In the January–August period, Saudi crude accounts for 29.9% of total crude imports, down from 30.91% in the previous month.
The decline reflects efforts by South Korean refiners to diversify crude supply sources amid geopolitical risks affecting parts of the Middle East. Sources cited by outlets describe Saudi Arabia as South Korea’s largest crude supplier, even as its share falls. The annual share previously fell below 30% in 2021, when global supplies were disrupted due to heightened Middle East tensions and the COVID-19 pandemic.
If the downward trend continues, officials say Saudi Arabia’s position could weaken further, potentially dropping to third place or lower. One outlet also notes that the share could approach or surpass the lowest level recorded in 1986, depending on future import patterns and supply diversification decisions by refiners.
