The Ministry of Industry’s blueprint mandates a fundamental change in procurement, prioritizing long-term stability over current supply chains. Beyond crude, the strategy addresses natural gas imports, aiming to reduce reliance on Middle Eastern sources from last year’s levels to a 30% cap by 2034. To buffer against sudden regional disruptions, the plan includes increasing national oil reserves by 20 million barrels before 2030.

Energy vulnerability remains a persistent threat for the nation, which imports the vast majority of its crude from the Persian Gulf. The ongoing crisis in the region has accelerated these diversification efforts, shifting policy from immediate reaction to structural change. By broadening its supplier network, Seoul seeks to insulate its economy from geopolitical shocks that have previously triggered historic market interventions.