South Korea Aims to Cut Middle East Crude Reliance to 50% by 2035

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South Korea aims to reduce its reliance on Middle East crude oil imports to 50% by 2035, according to a new 10-year natural resource security plan. The plan includes boosting oil reserves by 20 million barrels by 2030 as part of a fundamental shift in resource sourcing.

South Korea will try to cut its reliance on Middle East crude imports to 50% by 2035, Reuters has reported, citing the country’s industry ministry. The ministry has drafted a 10-year natural resource security plan, which envisages a “fundamental shift” in the way South Korea sources its imports. The plan also calls for a boost in oil reserves by some 20 million barrels by 2030. South Korea imports as much as 70% of its crude oil from Middle Eastern producers, and most of it must pass through the Strait of Hormuz, the ministry…