by Alimat Aliyeva
South Korea has secured imports of approximately 75 million
barrels of oil for May, according to the head of the presidential
administration, Kang Hong-sik, AzerNEWS
reports.
“In May, we secured 74.62 million barrels of oil, which is about
87% of last year’s monthly average. Therefore, there are no serious
concerns about supply disruptions,” he said.
Kang added that, thanks to additional purchases from Africa and
North America, South Korea has reduced its dependence on Middle
Eastern oil from 69% to 56%, marking a significant shift in the
country’s energy diversification strategy.
He also noted that Seoul has expanded its supply routes by
increasing shipments that bypass the Strait of Hormuz, a key global
chokepoint for oil transportation. “The decision in May to import
23.99 million barrels from Saudi Arabia and 16 million barrels from
the United Arab Emirates via alternative routes bypassing the
Strait of Hormuz was the result of rapid coordination between the
government and the private sector,” Kang explained.
Beyond energy security, Kang highlighted strong economic
performance, stating that South Korea’s real GDP grew by 1.7% in
the first quarter compared to the previous three months — the
fastest quarterly expansion in over five years and well above
market expectations.
He also emphasized that despite the positive data, risks remain.
“It is too early to be complacent. We are continuing all necessary
measures to secure stable and diversified oil supplies,” he said,
pointing to persistently high global oil prices and geopolitical
uncertainty as key risk factors.
Analysts note that South Korea’s strategy reflects a broader
global trend: major importers are increasingly reducing reliance on
single supply regions and investing in more flexible logistics
networks to protect themselves from disruptions in critical
shipping routes.