Azernews.Az

by Alimat Aliyeva

South Korea has secured imports of approximately 75 million barrels of oil for May, according to the head of the presidential administration, Kang Hong-sik, AzerNEWS reports.

“In May, we secured 74.62 million barrels of oil, which is about 87% of last year’s monthly average. Therefore, there are no serious concerns about supply disruptions,” he said.

Kang added that, thanks to additional purchases from Africa and North America, South Korea has reduced its dependence on Middle Eastern oil from 69% to 56%, marking a significant shift in the country’s energy diversification strategy.

He also noted that Seoul has expanded its supply routes by increasing shipments that bypass the Strait of Hormuz, a key global chokepoint for oil transportation. “The decision in May to import 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates via alternative routes bypassing the Strait of Hormuz was the result of rapid coordination between the government and the private sector,” Kang explained.

Beyond energy security, Kang highlighted strong economic performance, stating that South Korea’s real GDP grew by 1.7% in the first quarter compared to the previous three months — the fastest quarterly expansion in over five years and well above market expectations.

He also emphasized that despite the positive data, risks remain. “It is too early to be complacent. We are continuing all necessary measures to secure stable and diversified oil supplies,” he said, pointing to persistently high global oil prices and geopolitical uncertainty as key risk factors.

Analysts note that South Korea’s strategy reflects a broader global trend: major importers are increasingly reducing reliance on single supply regions and investing in more flexible logistics networks to protect themselves from disruptions in critical shipping routes.