S. Korea aims to cut Middle East oil dependence below 50% by 2035, expand reserves by 20 million barrels

Drawing lessons from the Middle East war, the South Korean government has announced plans to reduce its dependence on any single region for crude oil to below 50 percent by 2035 and to expand its strategic reserve facilities.

The government will also expand the list of critical minerals used in semiconductors, batteries and other industries from 38 to 51 types, and extend the stockpiling period to a maximum of 365 days.

The Ministry of Trade, Industry and Energy convened the sixth Resource Security Council on Wednesday at the Korea Trade Insurance Corporation in Jongno-gu, Seoul, chaired by Minister Kim Jung-kwan. The meeting reviewed and finalized four agenda items, including the first Resource Security Master Plan.

The master plan is the first pan-government medium-to-long-term resource security strategy drawn up since the Special Act on National Resource Security took effect in February last year.

The government set "building a resource security posture that holds firm even in times of crisis" as its core direction, and committed to reducing dependence on any single region for crude oil to below 50 percent by 2035 — a measure aimed at keeping reliance on the Middle East within a manageable threshold.

The plan also identifies the success of 10 strategic mineral projects and the securing of new industrial resources as key goals.

To achieve this, the government plans to diversify import routes, contract structures and crude oil grades for oil and natural gas to establish a stable supply framework.

In addition, the government plans to expand strategic reserve facilities by 20 million barrels by 2030, increasing both government stockpiles and jointly held international reserves. It will also secure additional condensate supplies to support stable domestic production of naphtha.

Management of critical mineral supply chains will also be strengthened. The government will newly designate 13 minerals — including germanium, phosphorus, fluorite and 10 rare earth elements — as critical minerals, expanding the managed list from 38 to 51 types.

The number of stockpiled mineral types will also grow from 24 to 29, and the stockpiling target for minerals with vulnerable supply chains will be raised from 180 days to a maximum of 365 days, with supply risks managed differently depending on the mineral.

"Through the Middle East war, we were reminded once again that resource security is not simply a matter of cost, but a question of national survival — protecting the lives of our people and the foundations of our industry," Minister Kim said. "We will move away from the short-term, reactive responses that have repeated themselves in every crisis, and fundamentally improve the resilience of our resource supply chains."