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Market Chatter: South Korea Targets Halving Middle East Oil Reliance by 2035 Under New Energy Security Plan

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South Korea's Industry Ministry announced Wednesday that the country intends to cut its crude oil dependence on the Middle East to 50% by 2035, Reuters News reported on Wednesday, citing the industry ministry.

The target forms part of a 10-year natural resources security plan aimed at diversifying energy supplies following disruptions caused by the Iran war, the news wire said.

South Korea aims to cut Middle East crude reliance to 50% by 2035 under a 10-year resources security plan, citing Iran war lessons, the publication said.

It plans to add 20 million barrels of stockpile capacity by 2030 and secure more condensate for naphtha, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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