South Korea Cuts Oil Imports from the Middle East by 37 Percent. The US, Australia, Canada and Africa Make Up the Loss

The share of Middle Eastern oil fell from 65 to 53 percent, imports from the US rose by 13.4 percent, from Australia by 89 percent, from Canada — more than double

As reported by CCTV+, South Korea’s crude oil imports from the Middle East fell by more than 37 percent year on year in April. The reason — ongoing geopolitical tensions in the region, which prompted the Asian country to diversify its energy sources.

According to data from the Korea International Trade Association, South Korea’s total crude oil imports in April fell by 22.8 percent year on year to 8.46 million tons.

Of the total, 4.49 million tons came from the Middle East. That is 37.3 percent less than a year ago. The share of Middle Eastern oil in the country’s total imports fell from 65.2 percent a year ago to 53.1 percent.

Saudi Arabia remained the largest supplier, but imports from the kingdom fell by 37.6 percent to 2.146 million tons. At the same time, imports from the US rose by 13.4 percent to 2.145 million tons.

South Korea is heavily dependent on energy imports. Its main source is the Middle East. More than 95 percent of its oil is transported through the Strait of Hormuz. Since last month, the country has been looking for supply routes that could bypass the strait.

In April, South Korea imported 440,000 tons of crude oil from Australia — an 89 percent increase year on year. Imports from Canada reached 240,000 tons, more than double. Imports from Africa rose to 400,000 tons — compared to just 60,000 tons in the same period last year.

South Korea is caught in a vice. On one side — the Strait of Hormuz, where a conflict could break out any day. On the other — its own economy, which cannot afford to stop. The solution? Diversification. The US, Australia, Canada, Africa — the Koreans are looking for oil wherever they can. The Middle East’s share has collapsed from 65 to 53 percent. And this is only the beginning. The question is not whether Korea will stop depending on the strait. The question is how quickly other Asian countries will follow its example. While tankers look for alternative routes, oil prices will only rise. And everyone will have to pay.