The government is said on the 7th to be reviewing a plan to specify an appropriate share of Middle Eastern crude oil at 60% or less in the "basic plan for resource security," which is being prepared to strengthen energy security.
It is understood that this plan is being drawn up as industry has suffered hardships, with crude oil and petroleum prices soaring after the Strait of Hormuz was blocked by the Middle East war in the first half of this year. Last year, the share of Middle Eastern crude oil in Korea was around 70%, and the aim is to lower it to 60% or less to diversify import sources.
On the 4th, the government said in a presidential briefing that it would reduce dependence on the Middle East for oil and gas. Accordingly, the Ministry of Trade, Industry and Resources plans to create a new basic plan for resource security and include concrete measures.
An official at the Ministry of Trade, Industry and Resources said, "It is true that we are preparing a basic plan for resource security in the direction of lowering the share of Middle Eastern crude oil," and added, "It is correct that there is a consensus among industry and experts on specifying 60% or less, but nothing has been finalized."