Saudi crude share of South Korea imports drops below 30% for first time since 2021
In short
Saudi Arabia accounted for 29.90% of South Korea's crude oil imports in the first eight months of 2026, down 1.01 percentage points from 30.91% at the end of July and below 30% on a cumulative annual basis for the first time since 2021. Middle East crude as a whole took 61.8% of imports, which Yonhap called the lowest since 1986 and Dong-A Ilbo described as the lowest since 2021. Yonhap attributed the shift to refiners diversifying supply as the Middle East war disrupted Saudi exports, with US and other American crude partly filling the gap.
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South Korea's imports of Saudi Arabian crude fell below 30% of total crude imports on a cumulative annual basis for the first time since 2021, according to data through August from Korea National Oil Corporation and the Korea Petroleum Association. Saudi crude took 29.90% of imports from January to August, down 1.01 percentage points from 30.91% at the end of July, and the lowest such reading since 2021's 29.3%, when US sanctions on Iran, Middle East instability and the COVID-19 pandemic disrupted supply. [ 1 , 2 ]
Middle East crude as a whole took 61.8% of imports in the same period. Yonhap said this is the fourth-lowest annual level on record, after 1985 at 57.0%, 2021 at 59.8%, 1986 at 60.5% and 1987 at 64.1%, making it the lowest since 1986; Dong-A Ilbo's summary described it as the lowest since 2021. Yonhap said that if the recent decline continues, the share could pass 1986 to become the third-lowest or lower. [ 1 , 2 ]
Yonhap attributed the shift to refiners lowering their dependence on Middle East supply as geopolitical risk rose. Saudi supply and exports were disrupted when the Strait of Hormuz was blockaded in the Middle East war and oil facilities were attacked, according to the report; exports continued through a Red Sea detour, but Houthi threats to the Red Sea and attacks on the East-West pipeline further reduced volumes. [ 1 ]
American crude has partly replaced the reduction in Middle East barrels. US crude's share passed 20% on a cumulative annual basis for the first time in January–April, at 20.7%, and stood at 20.12% in August. The Americas accounted for 26.7% through August, a record high, followed by Asia at 5.9% and Africa at 5.6%, up from 5.0% and 2.2% respectively last year. [ 1 ]
A refining industry official told Yonhap that “supply uncertainty from the prolonged Middle East war has become constant, and the country's crude oil supply structure is changing,” adding that diversification of import sources is unavoidable for energy security and that the trend toward a larger share of non-Middle East crude, centered on American barrels, is expected to continue for the time being. [ 1 ]
Why it matters
South Korea is a major crude importer and its refiners are shifting away from their traditional Middle East supply base, a change the industry official quoted by Yonhap described as driven by energy security. If the trend continues, Middle East crude's share could fall to its third-lowest annual level on record, with American barrels taking a larger role in the country's supply mix.
Key facts
- Saudi Arabia's share of South Korea's crude imports was 29.90% cumulatively from January to August 2026, down 1.01 percentage points from 30.91% a month earlier and the first time below 30% on an annual basis since 2021, when it was 29.3%. [ 1 , 2 ]
- Middle East crude accounted for 61.8% of imports in the January–August period, which Yonhap said is the fourth-lowest annual level on record. [ 1 , 2 ]
- US crude's share passed 20% on a cumulative annual basis for the first time in January–April at 20.7% and stood at 20.12% in August. [ 1 ]
- The Americas took 26.7% of imports through August, a record high, while Asia took 5.9% and Africa 5.6%, up from 5.0% and 2.2% last year. [ 1 ]
- Yonhap said Saudi supply and exports were disrupted as the Strait of Hormuz was blockaded in the Middle East war and oil facilities were attacked, with Red Sea threats by the Houthi group and attacks on the East-West pipeline further cutting volumes. [ 1 ]
- A refining industry official told Yonhap that supply uncertainty has become constant and that diversification of import sources is unavoidable for energy security. [ 1 ]
Confirmed by several sources
- Saudi Arabia remained South Korea's largest single crude supplier with a 29.90% cumulative share from January to August 2026, below 30% for the first time since 2021. [ 1 , 2 ]
- The Middle East's share of South Korea's crude imports was 61.8% through August. [ 1 , 2 ]
- The decline was linked to refiners diversifying import sources amid Middle East geopolitical risk. [ 1 , 2 ]
- The figures come from Korea National Oil Corporation and the Korea Petroleum Association. [ 1 , 2 ]
Still unclear
- How far back the current Middle East import share has to be compared. Yonhap said the 61.8% Middle East share is the lowest since 1986, while Dong-A Ilbo's summary described it as the lowest since 2021, when the share was 59.8% — lower than the current figure.
- Whether the shift away from Middle East crude will continue. Yonhap quoted an industry official expecting the trend to continue for the time being, but no documents give forecasts or target shares.
- Details of Dong-A Ilbo's full report. Only the outlet's feed summary was available, and it is truncated.