South Korea Locks In 273 Million Barrels of Crude That Won't Touch ...
South Korea has secured 273 million barrels of crude oil and 2.1 million tons of naphtha through alternative routes that bypass the blocked Strait of Hormuz.
oilprice.comHere’s the latest on South Korea securing crude oil, based on recent reports:
- South Korea has moved to bolster its oil security by securing substantial crude allocations from Middle Eastern producers, including a major pledge from the UAE for 24 million barrels, in response to Middle East tensions. This was announced by a presidential aide in mid-March 2026 and described as a lifeline for Korea’s energy imports.[1]
- In April 2026, Seoul reported additional arrangements totaling around 110 million barrels for April–May from multiple countries, aimed at offsetting potential disruptions and ensuring steady refinery feedstock. The government said it would route supplies through alternative pathways to avoid chokepoints such as the Strait of Hormuz.[2]
- Later in April, officials claimed negotiated totals of about 273 million barrels of crude through alternative routes (bypassing Hormuz) plus additional naphtha from Saudi Arabia, Kazakhstan, Oman, and other partners, with shipments expected later in the year. These measures were described as sufficient to cover several months of domestic demand under normal conditions.[3][4]
- Multiple outlets reported that the overarching objective is to stabilize domestic supply and cushion the economy from energy-price volatility, including coordination with refiners and potential storage and bypass infrastructure considerations. Official briefings highlighted contingency planning and priority allocations for South Korean buyers.[6][7]
Illustration: a simplified view of Korea’s oil security strategy
- Short-term: secure multi-source crude supplies (UAE, Saudi Arabia, Kazakhstan, Oman) and build stockpiles
- Mid-term: establish alternative routes to bypass Hormuz and reduce exposure to chokepoints
- Long-term: enhance storage capacity and bilateral energy cooperation with Middle Eastern producers
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Citations:
- South Korea secures UAE crude lifeline amid Middle East crisis[1]
- South Korea secures 110 million barrels for April–May via 17 countries[2]
- South Korea claims 273 million barrels via alternative routes (Hormuz bypass)[3]
- OilPrice and related outlets on Hormuz-bypass crude is also reported[4][8]
- Additional background on May allocations and briefings[7]