S. Korea cuts Iraqi oil imports by 80% in May

Shafaq News- Baghdad/ Seoul

South Korea's crude oil imports from Iraq fell 80.1% year-on-year in May, as Seoul accelerated efforts to diversify its energy supplies away from the Middle East, according to data released by the Korea National Oil Corporation (KNOC).

South Korea imported 2.146 million barrels of Iraqi crude in May, down from 10.778 million barrels in the same month of 2025. Imports also fell 62.2% from April, reflecting a sharp decline in Iraqi shipments to the South Korean market.

Iraq ranked sixth among South Korea's crude suppliers in May, behind Saudi Arabia (18.839 million barrels), the United States (15.020 million), the United Arab Emirates (13.151 million), Algeria (3.644 million), and Qatar (2.782 million), while remaining ahead of Kazakhstan (2.082 million).

During the first five months of 2026, South Korea imported 31.992 million barrels of Iraqi crude, down 29.9% from the same period a year earlier.

KNOC attributed the decline to Seoul's strategy of diversifying energy imports and reducing its reliance on Middle Eastern crude amid regional instability. South Korea has increased purchases from the UAE, Algeria, Canada, and African producers through alternative shipping routes that bypass the Strait of Hormuz. The report also said Seoul plans to raise imports of Canadian crude to 16 million barrels this year, with a long-term goal of increasing annual imports to 20 million barrels.