Yeosu refining complex
South Korea doubles down on Saudi crude
Seoul dabbles with Russian and US crude but Middle East remains primary source
Relations between South Korea and Saudi Arabia have continued to strengthen, and this is clearly reflected in the record crude flows from the Opec behemoth to the Asian economic powerhouse. Back in November 2022, Seoul and Riyadh pledged stronger ties on energy, defence and construction, as the Saudis signed $30bn of investment agreements with South Korean firms. Meanwhile, Saudi Arabia’s key oil grades have become a bigger part of the Korean diet despite the perceived importance of diversification and the lure of cheap Russian barrels that neighbours such as China and India have been snapping up. 41pc – Saudi portion of April’s imports Saudi crude accounted for 1mn bl/d, or 41pc,
Also in this section
11 February 2026
Panellists from three LNG buyers at LNG2026 in Doha outlined their evolving procurement strategies as they navigate heightened market volatility
11 February 2026
North African producer plans to boost output by early 2030, with Europe its number one priority as export destination
11 February 2026
Maritime leaders at LNG2026 warned of the dangers of over-regulation on competitiveness, sustainability and innovation
10 February 2026
The country has opened bidding on 50 blocks in a new licensing round but will face competition for attention and will need to address concerns about security and legislation
