2026-06-23T11:45:47+00:00
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Shafaq News- Baghdad
South Korea’s imports of Iraqi crude oil fell 42.4 percent
year-on-year in April 2026 to approximately 800,000 metric tons or 5.84 million
barrels, according to data from the Korea International Trade Association
(KITA), the country’s primary trade statistics body.
South Korean crude imports from seven Middle Eastern
suppliers —including Saudi Arabia, the UAE, Iraq, Kuwait, Qatar, Oman, and
Bahrain— fell sharply, with the region’s share of total South Korean crude
imports dropping to 53.1 percent in April, down from roughly 70 percent in the
months before the regional conflict, which disrupted the shipping through the
Strait of Hormuz.
Total South Korean crude imports for April reached 8.46
million metric tons, a 22.8 percent decline compared to the same month in 2025,
according to KITA data.
Saudi Arabia, historically Seoul’s largest crude supplier,
saw export volumes to South Korea fall 37.6 percent to 2.146 million metric
tons. Kuwait’s deliveries collapsed by 98.2 percent to approximately 10,000
metric tons, while Qatar halted shipments entirely.
UAE crude exports to South Korea rose 81.6 percent to 1.4
million metric tons, while US shipments increased 13.4 percent to approximately
2.145 million metric tons.
South Korea’s Ministry of Trade, Industry, and Resources has
stated that the country maintains strategic petroleum reserves equivalent to
approximately 208 days of crude demand, exceeding mandatory stockpiling
requirements.
Seoul has moved to reduce its dependence on Middle Eastern
crude, securing alternative supplies from Algeria, Brazil, Ecuador, Gabon,
Kazakhstan, the Republic of the Congo, and the United States, cutting its
Middle East reliance from 69 percent to 56 percent, according to the
presidential office.